The Auditor’s report :

Arabian Shield Insurance Co.

ORDINARY GENERAL ASSEMBLY 28

/ 06 / 22 20 ﻡ

" BY MEANS OF MODERN TECHNOLOGY"

The Auditor’s report :

First

Date: 16 May 2022.

Fiscal Year the

Audit Committee Report to Arabian Shield Shareholders for .

1 Ended 31/12/202

Greetings,

Below is the annual report for the major activities carried out by the Audit Committee during the fiscal year 2021. As required by the roles and responsibilities approved by the AGM.

Audit Committee held (10) meetings during the year 2021, one of which was held with the board of directors. By direct supervision over internal audit activities, and by reviewing governance, risk, financial reports, and relative disclosures, the committee conducted the following major activities:

x Review the quarterly and annual financial statements for the year ended 31/12/2021 with company management and external auditors, and issue recommendations to the Board of Directors to approve the financial statements prior to submission to AGM.

x Review and approve annual plans of internal audit and compliance, which were prepared on a risk-based basis .

x Review the activities, processes, and reports of both internal audit and compliance, and follow up on implementing corrective actions with management.

x Review and assess the offers proposed by auditing firms, their professional competencies, and independency. In addition to determining suitable fees and issuing relevant recommendations to AGM.

x Review internal accounting and financial policies to ensure implementation of IFRS standards, and issue necessary recommendation to BOD.

x Review internal accounting and financial policies to ensure implementation of IFRS17 standard and supervise implementation plans.

x Review progress of merger plan with Al-Ahli Takaful (ATC), and issue relevant recommendations to the Board of Directors.

Audit Committee Opinion Regarding Internal Control Adequacy

Based on the information above, through direct supervision over internal audit and compliance, and by reviewing the related reports regarding the effectiveness of the company’s Internal Control system and procedures, and after reviewing the effectiveness and adequacy of operational systems, the audit committee has not found any major observations in the internal control systems that required attention, and that there were no reservations or restrictions to acquire any information from company records.

Mohammed Binali

Audit Committee Chairman

Second: Meetings Agenda Items

General Assembly Meeting Agenda

1- Voting on the Board’s Annual Report for the fiscal year ending on 31 December 2021.

(Attached)

2- Voting on the Auditor’s report for the fiscal year ending on 31 December 2021. (Attached) 3- Voting on the Financial Statements for the fiscal year ending on 31 December 2021.

(Attached)

4- Voting on releasing liability of Board members for the year ending on 31 December 2021.

5- Voting on paying an amount of (SAR 2,142,000) as remuneration to the members of the Board of Directors for the year ending on 31 December 2021 (Attached)

6- Voting on appointing the auditors for the Company from among the candidates based on the Audit Committee's recommendation. The appointed auditors shall examine, review and audit quarter 2, quarter 3 and annual financial statements of the fiscal year 2022 G, and the first quarter of the fiscal year 2023 G, and the determination of the auditors fees . (Attached) 7- Voting on the business and contracts concluded between the company and Almarai

company, in which the Chairman, HH Prince Naif bin Sultan bin Mohammed bin Saud Alkabeer has an indirect interest which consist of insurance contracts for 2021 and for one year amounted to SR. (162,922) and there are no preferential conditions. (Attached) 8- Voting on the business and contracts concluded between the company and Yamamah

Cement company, in which the Chairman, HH Prince Naif bin Sultan bin Mohammed bin Saud Alkabeer has an indirect interest which consist of insurance contracts for 2021 and for one year amounted to SR (15,329) and there are no preferential conditions. (Attached) 9- Voting on the business and contracts concluded between the company and the private

Properties owned by HH Prince Sultan bin Mohammed bin Saud Alkabeer, in which the Chairman, HH Prince Naif bin Sultan bin Mohammed bin Saud Alkabeer has an indirect interest which consist of insurance contracts for 2021 and for one year amounted to SR (3,433) and there are no preferential conditions. (Attached)

10- Voting on the business and contracts concluded between the company and Samamah Holding company, in which the board member Turki Almutawa has an indirect interest, which consist of insurance contracts for 2021 and for one year amounted to SR (7,672) and there are no preferential conditions. (Attached)

11- Voting on the business and contracts concluded between the company and AlObiekan Group Investments company, in which the board member Eng. Abdallah AlObiekan has an indirect interest which consist of insurance contracts for 2021 and for one year amounted to SR (27,889) and there are no preferential conditions. (Attached)

12- Voting on the business and contracts concluded between the company and AlObiekan

Investments company, in which the board member Eng. Abdallah AlObiekan has an

indirect interest which consist of insurance contracts for 2021 and for one year amounted

to SR. (231) and there are no preferential conditions. (Attached)

13- Voting on the business and contracts concluded between the company and Bahrain National Insurance ,in which the vice Chairman Sameer Alwazzan has an indirect interest , which consist outward reinsurance premiums for 2021 and for one year amounted to SR (87) and there are no preferential conditions. (Attached)

14- Voting on Board of Director’s recommendation for the non-distribution of dividends to shareholders for the fiscal year 31/12/2021 G. (Attached)

15- Voting on the Board’s resolution to appoint Dr. Mohammed Alknani as an independent board member as of appointment date of 29/05/2022 to complete the current board term which will end of 10/09/2022(Attached)

16- Voting on the Board’s resolution to appoint Mr. Saud Bajbair as a non-executive board member as of appointment date of 29/05/2022 to complete the current board term which will end of 10/09/2022. (Attached)

17-

***

: First and fifth agenda items

x

Voting on the Board’s Annual Report for the fiscal year ending on 31 December 2021.

x

Voting on paying an amount of (SAR 2,142,000) as remuneration to the members of the Board of Directors for the year

ending on 31 December 2021

DIRECTORS’ REPORT

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 1

!"!#$%!&'()*+&,'-!.!!&)!)!/!%2! xApproved the Directors’ Report for the year ended 31 December 2020; x!"#$%&#' x!#(##))%&#' x(*&#)#%&#' x))())#+))(',+- ./ $/ $4567,68"-9 ,*5+7< x))(#*&#))$!<=>)#/#)/ #(/(//45##,)' x))(###+)/*!6%&#' x###+)/*!6%&#' x ))(#*&#)()#%&#' x))(#increase the Company’s capital from 300,000 to 400,000 by distributing one (1) bonus share for each three-%7< &# x))())$+)(9#+)G4+)(“ATC”)/#+)# G4/#####)/#))( ƒ ))(the increase of the company’s capital from 400,000 to 638,525 subject to the terms and conditions of the Merger Agreement andwith effect from the merger’s Effective Date' ƒ ))())##' ƒ))(.#+)4#4#N))(' xApproved the amendment of Article No. 15 of Company’s current bylaws, which is related to Company’s ' xApproved the amendment of Article No. 22 of Company’s current bylaws, which is related to Quorum for Meetings of the Board of&#< SAMA granted its approval on 26 January 2020 to renew the Company’s operating license W%GXXGXXX-#)) Y&#7< ++Z9))("renew the Company’s operating license >"X"%<

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 2

$'!4"!&&/! The Company’s corporate governance policy sets out the guidelines, standards and principles regulating its activities. G+))))#)()#+)4$ +)(#!#) '+/#!56#*(!5'+/#!!(&7&8$$#+/'+&'!7%$#!%!&''+& #X[G*## )##))(<#<*&#)# )))#( ##

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DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 19

!&#'+!(9&/'+&(&'#(+%$(!)&'-!%$&.&&.*2(+)+.((/+'!)%$&.&&.!#'!)'.2.'-!!,*#'2.&.'-!*$!"+(.*)+/+#*'-+'.5 *2!/'&)!(&(7'-!"+#'+&+(/#!X+(/#!X 57:!/*'+"!!/+(+&('#%*&'7+&!(57:!/*'+"!!/+(+&('#%*&'7+&!( Violating SAMA’s supervisory instructions >%١٥٠ Violating SAMA’s instructions for protecting clients,,,, Violating SAMA’s instructions for ### ##,,,, q#++Z9,,> q#+ ,,,, `)/##)!/$)(#+)/*&#/*&#/*$#/+/ +/#(!6+)< "#)+)+)$ #+)< !$'7*)+'%%+''!!!,)+&,!77!/'+"!&!((7+&'!&#/&'#( GN(##)##(<G#N(WN "#$#4<G#)(##)#)))#(( .+)#)/####)/#)#)#/#< G)###))(#))(+< G+)#(#)#< *)+'%%+''!!!/%%!&)'+&'$$+&'&'!&#*)+' +))/#+4#/#)## )#Z9< *)+'%%+''!!!$'( G)#(+##*&#+#< G)#(+*&##+)) < #+##)*&#< G+(*&#))("#$<

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 20 -!-#)!4!&!#((!%2#.!!'+&,( -!-#)!4!&!#((!%2#.!!'+&,(-!#))*+&,(-?+&,''!&)&/!7)!%2!( )!%2!'!(7&)''!&)&/!'4!&!#((!%2#.!!'+&,(-!#)+& &&*#4!&!#((!%2#.&K*&!&&*#4!&!#((!%2#.&K!/!%2! ZZ6#`*$*$ 8,+ <$ _..,q#+ < ]4 <G4 <* <! $ - 7 #-676- *7 *&#))$)$)$),$ ))(\&#< !>)?&7/!%$&./'+"+'+!((-?+&,7!/-'-!+%$/'&)/&'+2*'+&('!(*#'( The principal activities for which Arabian Shield Cooperative Insurance Company (“Company”) was licensed were the conducting ####$ ###{#`<G`[Y[\$)\$+*4-‚$ ‚‚!‚7<G{#)/\ %/%Y/Y< N+)/$))({####%$)%< ##6#$(=< As per the Articles of Association (“Articles”), the Company may undertake all activities required to ##)(#)#((< 9)#)##!/8+))4(#8< "#)+)+)$ #+)<

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 21

%$'&'$#&(&))!/+(+&(;+&/#*)+&,&.('*/'*#/-&,!(92*(+&!((!:$&(+&9)+(/&'+&*!)$!'+&(<&)7*'*!2*(+&!((!:$!/''+&( G+)(#()$(#4<9#(#) )##< G+)#)4#(()###)clients, emphasizing improving the customer’s journey and ),N< At the same time, the Company’s)###.##)#(<G)## )<G+))##()##)#/)##))/#< There has been a significant growth in the brokers’ channel in 2021 to overcome the voluntary decrease in retail sales from v###<_(( )()/#)##)#)(##)( )(4< On the other hand, despite its conservative approach with investing shareholders and policyholders’ funds, the Company’s grow()(#)/( flourishing local and international markets. It’s highly doubtful that the same upward trends will be sustained in the coming4)###()< ##)(/+)(6])(##)(#) )##..#< G+)((#()4N$#4#/)#/#( #$W#(<$#=†< The Company’s multi,).))##)###4## )##/##),#))#< /+]q9&,19 outbreak and its subsequent variants still pose considerable pressure on the Company’s resources and activities. However, the Company’s responsive and ri4,)( ###()#).)< !,!?+'-#-#+>7*#%$&. G+)###))(G4+)/#^6#5$(/#)#( #()#)##< GG4+)+)##()(6#5$()#/N4/, ###)/)#_–where ATC’s headquarter was located –< G+)()#)()/#(()#)#/).#(## #)N<G#4#/##/4/4)/#)./ ###< G##)))+)(),4#)/#()#((4# ))<G())$#6*&#())(<

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 22

%$#!%!&''+&7'-!&!?&(*&/!//*&'+&,('&))ZV G)\<9)#)#//)####)#-9"!$X–9# +#7< G)(#())%< G+))####)####/###(###)#) )#< G+))"#9)# #)#)9"!$\4#)% )< G+)4)$ )#)()()< /+#&'+2*'+&( G## /+#&'+2*'+&(7 &+'+'+"!6&'+'.!(/+$'+&'# Z+ #-97Contribute to reducing Motor insurance rates for the association’s membersQ '#Q

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 23

$!'+&(&)+&&/+#!(*#'( _6-_67>>=/YY->>/\=76-67>>=/\->/Y%X7< G_6#))#+)^)/###) ##(#< 9##)>\†_6X†6-XY†>X†7/#†_6=†6-%††7/6#5$(>†_6X†6-\† †7/#=†_6†6-=†=†7< G#)##>†/))###) #/#+)#(##)(< ]#/##%X†#+)^#)#())#)4< G)####)(< `z!-`z!7=/=>†6-=\/>\†67<G#`z!†6\†>†)) ######,##< +)#)(/#)#/)#%Y†#)<G#)) #G4+)< G(##^#(##†+)^## #)##,<G)(–##)($ 9#9) !–#\†X/%=-=/%Y7##< )(N9)!/)( <G#(###)###< !4)(%/%%=Y†/#.(< G#-##4)(//##(^)(7#>†#)%†< #^ (##+)^#)(##/))()#+]q9&,#4/# )< ])9#/###(^)(##)#^#)/%Y/Y\-X%/Y7< ]#)(9#Y>Y#)\/X))((()+]q9&,4– #())#)()#)<##,,(#< +)(9##.4##)#^#)#Y/=-X/X>7< *(/)#<\<Y>< ]%&#/$"#6#GNX==/\%-XY/X7< $##(/+)^#)#<

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 24

*%%+(!)((!'(9+2+#+'+!(&)!(*#'(7'-!$('7+"!7+&&/+#.!( G##%&#)#< KGV &(*&/!$!'+&( GY/\=\\/XYYY%%/\\/XY/%\> GY=/X\Y\/=YY%/\X\=/\>Y\/%= Insurance operations’ accumulated surplus>/X/>\/Y\/Y\/> )>>=/YY>>/\=>X%/\\Y>/>%/\= `)%/=%%Y/%%>\/\XX>/>YY%X/Y= )>>=/\>/Y%X>\/%=>>/Y%\Y/%=> `)%Y/X%X/XX/Y==%\/=>XY/>X `#[-7=/==\/>%Y/==/>/\% *4)#%/>X\%/%\/%\/=Y/%= $)[-#7#)=/Y%/%=>-/%XY7Y/Y>/X\ Shareholders’ appropriation from surplus->/=%7-=/X\7/%XY-X/Y=7-\/>7 Surplus after shareholders’ appropriation/=Y%/%=/Y\/>

Shareholders’ Operations

G>%\/=%>>Y/X\X/YYXY/Y>XX%%/X= GXY/%YXX/>%\/%%/Y=/Y% GNX/X\%XY/XX%\/Y>X\/Y=>XX/\=Y )))#))>/=%=/X\-/%XY7X/Y=\/> +(#/==/=>/X=/X/X ])#[-7%Y/Y\X%/YY/X%X/=/\> k4#-/\%7-/%7-/>%7-/Y7-%/%Y%7 9##-\X7-YX7-YX7-\=7-/7 9#[-7Y/>%%/Y>\\/YX/>X%/\% )<Y><\<=<>Y<% `+((Y>Y-\/X7/\%>>-/7 +)(#[-7Y/=X/X>/\X/==/\=% )##.4#)#)((##<

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 25

*%%+(!)+&&/+#!(*#'(8&(*&/!$!'+&( '-!!&)!)!/!%2!-&,![-&,! )>>=/YY>>/\=>/X>=<† `)%/=%%Y/%>%/=\><\† )>>=/\>/Y%X/\>><X† `)%Y/X%X//=%%<X† ##%>/X\%/\%/\\\<\X† `##-=%/\%7-%\/\\\7-XY/Y7<X%† `#[-)7-%/\7->>/=7X/Y%%-XX<X†7

`#[-7=/==\/>->/Y%7-Y<X†7 Insurance operations’ operating expenses ->/YY7->=/=7\/%%-<>Y†7 6(->/=\=7-/X7-X/Y%=7%\X<%† $)[-#7)#4)#>/X>=/Y%-/=7-<X†7 *4)#%/>X\%/%>Y<\\†

$)[-#79#)=/Y%/%=>-/Y%7-=<>=†7 Shareholders’ appropriation from surplus->/=%7-=/X\7/XX-=<>=†7

$)shareholders’ appropriation/=Y%/%=-Y7-=<>\†7 *%%+(!)+&&/+#!(*#'(8-!-#)!($!'+&( '-!!&)!)!/!%2!-&,![-&,! Shareholders’ appropriation from surplus>/=%=/X\-/XX7-=<>=†7 +(#/==/=>%/%\<† G#X\/XY/%%Y=<X† Shareholders’ operations operating expenses -/XX7-/\%7-\/Y=X7=<X\† ])#[-7%Y/Y\X%/Y-Y/>7-Y<X†7 k4#-/\%7-/%7/Y=-X<†7 9##-\X7-YX7-\7=<\>† 9#[-7Y/>%%/Y>\->/>X7-\<%†7 `+((Y>Y-\/X7=/Y=-†7 +)(#[-7Y/=X/X>/>YX<>=†

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 26 G))# '!)+/#$!'.\ (*#'.'!/'+&\ "+&,('# )/=%%>/=X%\/>>/X>>>=/YY `)>%/%>/=X%>/%>/=X%%/= )>X/\X\/X%\/\=X/\X>>=/\ `)Y=/Y=>\/X%>/\=X/=X=%Y/X ##Y/>%X>/\X/=Y%>/X\ `##->\/\Y7->/X7-%\7-Y7-=%/\%7 `#[-)7-X/%\Y7-%/YX7-/>7-X/=7-%/\7 `#[-7%/=X%/>%/=\X/=/= Insurance operations’ operating expenses -%/X7->/>\7-/\\\7-/Y7->/YY7 6(->X7-X/XY7-YXX7-%%7->/=\=7 $)[-#7)#4)#-==7%/>Y%/\YY/YY>/X> *4)#=X/\YY=>\%/>X\ $)[-#79#])X>/=/XXY/=>%=/Y Shareholders’ appropriation from surplus-X7-%/\Y7-/%7-/YY=7->/=%7 Surplus after shareholders’ appropriation/>/X>=>/=Y '!)+/#$!'.\ (*#'.'!/'+&\ "+&,('# )YY/%\%>/>YY/\\%\/X>>/\= `)YY/>%>/>Y%/Y\X/%X\%%Y/% )/=X=Y/%Y/X%%Y/>>/Y%X `)X%/Y\=Y/%X/X/>X%X/ ##/YX%%/\>/=>%/\ `##-\/7-/>7/-/Y>7-%\/\\\7 `#[-)7-=/X7->/%\7-Y/Y%Y7->/Y%7->>/=7 `#[-7/\X/%%/X%/=\/> Insurance operations’ operating expenses -/%7-\/X=>7-X/>\Y7->/=7->=/=7 6(-\7-\%7->7-=\7-/X7 $)[-#7)#4)#Y/X=/X%-/=>7=/Y% *4)#/Y\=%%%%/% $)[-#79#])/\\%%//\X-/X\%7%/%=> Shareholders’ appropriation from surplus-/>Y7-/\7-=/Y\7/Y-=/X\7 Surplus after shareholders’ appropriation\\/%\-X\7%/%=

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 27 4!,$-+/#$#+'7!"!&*!( "#)+)+)$#+)< From incorporation of the Company to date the Company’s activities were carried out entirely in the Kingdom of Saudi Arabia. 4((W+''!&!%+*%(2.!,+& +XX%/X\>/X% \X/=>Y%/=YY _%\/X/%\X $\Y\ `/=\%\X G>>=/YY>>/\= +(>(7/!)2.'-!%$&. G+))4#)#< The Company’s risk governance is manifested in a set of established policies, procedures and controls. The apex of risk gover##(*&#)(# #))(< G+)#()!4 ))"4-! "7!4))$-! $7#4)< ])44/#/###)#N#<) 4)))#/##4#< G#))4#)####(< G)+)W#N$<$#)#))(#()##()(<< #)N#4(#< G)#)4#+))#<

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 28

&(*&/!+(> 9#44##)##)#(###<9#4###) #)(4#N#(#)####((< +(4))####4<G(### +)4< !+&(*&/!+(> G+)##)##))##<+) #(#)#(< !#)###)#/)))#<G)#+)(# #< !)+'+(> +44)###)< G+)4#4)##/4##(#<*4))#)4 )<!N(##)#(#< *!&/.+(> +#44(###+)(4)#$!### < &'!!(''!&)+&"!('%!&'+(> 94)#4(#)))#) #<9(4#(4(()< +]*+)+'.+(> {N44+)#NN#N (#< %$#.!!( G+))#)(#N4#44(<

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 29 ''!%!&'(7%$#+&/! G"#$())###9"#!)$-9"!$7)#$].+ 6Accountants (“SOCPA”) (collectively referred to as “IFRS as endorsed in KSA”).

*2(+)+.&)((/+'!)%$&+!(&)('/>()!2'+&('*%!&'(+((*!)2.'-!% "#)+)+)$ #+)< +"+)!&))+('+2*'+&$#+/. G # #)) <&#N.4#< <&#-†7)#(<G])##(#N))#)< %<])))*&##)#)#()#)))) #< X<]#/)N(->†7))#)< ><G#)))##< Y<G*&#))(#)#)#))#))`<-X7(## #)< G*&#(()#4####)/##(##)#/))##) N< `(#))#%&#()#%&#< G*&####()#%&#<

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 30

?&!(-+$7-!(&)!2'&('*%!&'(+((*!)2.'-!%$&.2.&.*2(+)+.((/+'!)%$&.-!#)2. )7+!/'(!%2!(9 )!/!'.9%%+''!!(!%2!(9:!/*'+"! &,!%!&'&)!#'!)'+!((-?+&,/-&,!()*+&, -!(-!#)2. )7+!/'(!%2!(9 )!/!'.9%%+''!!!%2!(9:!/*'+"!&,!%!&'&)!#'!)'+!()*+&, %!#((+7+/'+&''7!&)7! !'-&,!!/!&',! -&,!-!([?&!(-+$-!([?&!(-+$ ZZ6#$**$ 8!6X/\>/X<>†>/\/X<>†/X>/† *`Z+*$+!6X/>/><†Y//><†/>/† <`!6/%\/>\<%†/=>/\<%†\/>† <+){!6/Y\/Y\%<>Y†=/<†-Y\/Y\7-<>Y†7 < ]4*5+5 !6X>/<>†Y/<>†>/† <G4*5+5 !6/><>†/<>†>† ZZ6#`*$*$ 8+5!6/<%†/%%%<%†%%%† <! $*5+<†%%<†%%† Shares represented in front of Mr. Abdullah Al Obeikan name are owned by Al Obeikan Investment Group Co’s "#)+)+)&9< "#)+)+)$ #+)<

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 31

!'+#(7&'+7+/'+&(!,)+&,/-&,!+&?&!(-+$7(-!( &+)#(#)-*&#/*$#/+/#(!67) >†##†#)< ?+&,(2.'-!%$&.&.*2(+)+.((/+'!)%$&. "#)+)+)< "#)+)+)$ #+)< &"!'+2#!)!2'+&('*%!&'(9/&'/'*#(!/*+'+!(+&('*%!&'(/.+&,/&"!(+&(+%+#+,-'(+((*!)2.'-!%$&.2.&.*2(+)+.((/+'!)%$&.&)&./%$!&('+&!/!+"!) +&'-+(!,) "#)+)+)< "#)+)+)$ #+)< +,-'(7'-!%$&.&.*2(+)+.((/+'!)%$&.$!'+&+&,'/&"!'+2#!)!2'+&('*%!&'(9/&'/'*#(!/*+'+!(+&('*%!&'(/.+&,/&"!(+&(+%+#+,-'( "#)+)+)< "#)+)+)$ #+)< !/"!.$*/-(!/&/!##'+&2.'-!%$&.&.*2(+)+.((/+'!)%$&.7&./&"!'+2#!)!2'+&('*%!&'(9/&'/'*#(!/*+'+!(+&('*%!&'(/.+&,/&"!(+&(+%+# +,-'( "#)+)+)< "#)+)+)$ #+)<

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 32

!]*!('(2.'-!%$&.7'-!!,+('!7-!-#)!( !]*!('(2.'-!%$&.7'-!!,+('!7-!-#)!()*+&, '!7!]*!('!(&7!]*!(' X+)6# \+)6# \#+)6# +)6# = \+)6# %] +)6# \]#+)6# X`(+)6# `(+)6# >&# Y&#+)6# \&#+)6# =&# &# &(/'+&(/&)*/'!)+&'-!)+&./*(!72*(+&!((&)&.'-!'&(/'+&(7&.&'*!2!'?!!&'-!%$&.&)&.!#'!)'. G###+)!6#<

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 33

!7+&+'+&(&)!:$#&'+&( !))/(#)/#//#(/(/4#/#/4 #(#-#W#7###)<G()< G()4#))< -!-#)!(!#'+&(-+$#+&> $,*

ZZ6#$**$ 8 <` <+){ <&( ]49()< ]4 &'+'+!(/&'##!)(+,&+7+/&'#.+&7#*!&/!)!#'+&(-+$#+&> +)

ZZ6#`*$*$ 8 ]49()+)< ]4 $)+)<G4 x$++)ZZ6#`*$*$ 8 ZZ6#$**$ 8ZZ6#`*$*$ 8 *`9#+)<$ _.. `_+)< ]4 $+)(9#+)

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 34 8#(/#!6/%&#))-%&#))7–+#(]#-+]7/ +"#]#-+"]7#(-%&##(7< All transactions with related parties are made on an arm’s length basis and no conflicts or potential conflicts of interest w%&#< )#)(#)#9*`!<*#)#/#( #()##< )4#)4##))<"%&#/+)# )#()-%&#`7< G#))#)##)/(/###< */-(!7%!#'!)'.7+&(*&/!$'7#+&)!#'!)2*(+&!(( G#)$9#+)+#N+)#()##))($ X/< G$9#+)+#N4(/=Y)"#$$9#+)+ %&#=< G#$9#+)+##NY/Y< Based on criteria related to the Company’s earnings up to 31 December 2015 the Goodwill amount was subsequently reduced by 2,%YXY/\X<G## $9#+)+Y/YY\/Y#)<

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 35

&&*#+&(*&/!/&'/'(?+'-!#'!)'+!(78&(/'+&(&) #&/!( !#'!)'.!#'+&(-+$'2+&-+!#)4(( W+''!& !%+*%(

!)!) W+''!& !%+*%(

%%+((+& !/!+"!) 7%

%%+((+& +) '

4(( #+%( +)

!)!) #+%( +)

%*&'( *! %

%*&'( *! ZZ6#`*$*$ 8+`#(&# <*8<]8#(,(*\ <8#(,#9#Y < $8#(,+ ]49()$%\% +)###Y//=%X>Y ]49()+)###\/==%/\\\%Y $)+)###\/Y\Y/\=%/ x$++)###>/%\/>>/X HH Prince Sultan Bin Mohamed Bin Saud Al Kabeer Co.’s###%/X%%/%Y= *`9#+)###=\\%Y% `_+)###= ''!%!&'+7&.%!%2!7'-!)7+!/'(9 )!/!'.!&+&,!%!&'?+"!)&.!%*&!'+& "#)+)#((##< ''!%!&'+7&.-!-#)!7'-!%$&.?+"!)&.+,-'('$7+'( "#)+)#((##<

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 36

!'+#(7+)9//*!)&)!$+):!(!,*#'.!!(&)##''*'.!!(&)!"+!( G)< !(/+$'+&7!!-,!!(&7!!-,! _G,!&)k49#G! _G,]&)k49#G! k4&)k49#G! 9#G&)k49#G! q G&)k49#G! ++Z9{(+#+)(Z9#! $ {($+*4! ++#++#) " ]$9$#9#+ Employees and Dependents’ Levies{{( q/9N]($(##)) G[-))7< !(/+$'+&7!!-,!!(&7!!-,! _G,!&)k49#G!%/=Y% _G,]&)k49#G!% k4&)k49#G!%/Y 9#G&)k49#G!/> q G&)k49#G!/\ ++Z9{(+#+)(Z9#!/X $ {($+*4!Y> ++#++#) " ]$9$#9#+-Y7 Employees and Dependents’ Levies{{( q/9N]($(##))

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER ALL AMOUNTS IN SAR ‘000 37 ''!%!&'7'-!"#*!7&.+&"!('%!&'!"!&*!(/!'!)7'-!2!&!7+'7!%$#.!!( "#)+)####< ''!%!&'( G*&# x6)4##< xG##()< xG###+)###< External Auditors’ Qualifications There are no qualifications in the Auditor’s Report. -&,!7:'!&#*)+'( G))())+-./$/$456768"-9,*5+7 #+))(< G#*&##)))< !(*.'/>( "#)+)####< ______________________________________________________ -%%!) +&#+ ((!##2)*#>+% *'-+`!))!%2! +.)- /-

"####################################################)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++))))))))))))))))))))))))))))))))))))))) _

Second and Third agenda items

x Voting on the Auditor’s report for the fiscal year ending on 31 December 2021.

x Voting on the Financial Statements for the fiscal year ending on 31 December

2021.

: Attachments for sixth agenda item:

x Voting on appointing the auditors for the Company from among the candidates based on the Audit Committee's

recommendation. The appointed auditors shall examine, review and audit quarter 2, quarter 3 and annual financial

statements, of the fiscal year 2022 G, and the first quarter of the fiscal year 2023 G, and the determination of the

auditors fees.

Attachments to items from the seventh to the thirteenth:

x Items related to voting on the business and contracts concluded between the company and the Chairman and members

of the Board, directly and/or indirectly

:ﺦــــ‘ﺭﺎﺘﻟﺍ 58 ﻮﻳﺎﻣ 5355 ﻡ

&&.58+-5355

b g jﻌﺟﺍﺮﻤﻟﺍ b g jﻴﻌﺘﺑ ﻖﻠﻌﺘﻳ ﺎﻤ‚ﻓ ﺔﻌﺟﺍﺮﻤﻟﺍ ﺔﻨﺠﻟ ﺔ‚ﺻﻮﺗ ﻡﺎﻌﻟ b g jﻴﺟﺭﺎﺨﻟﺍ

2022 ﻡ

› œ ﺒﺳﺎﺤﻤﻠﻟ ﺔ¤ﺩﻮﻌﺴﻟﺍ ﺔﺌﻴﻬﻟﺍ ﺕﺎﻤ¬ﻠﻌﺗﻭ ﺔ¬ﻣﺎﻈﻨﻟﺍ ﺕﺎ±ﻠﻄﺘﻤﻟﺎ³ ﻼﻤﻋ ﻕﻮﺴﻟﺍ ﺔﺌﻴﻫﻭ ﺓﺭﺎﺠﺘﻟﺍ ﺓﺭﺍﺯﻭ ﻭ › œ ﻴﻧﻮﻧﺎﻘﻟﺍ ﺔﻨﺠﻟ ﺖﻣﺎﻗ ﺪﻘﻓ ،ﺔ¬ﻟﺎﻤﻟﺍ

ﻌﺟﺍﺮﻤﻟﺍ ﺔ ﺽﻭﺮﻋ Åﻋ ﻝﻮﺼﺤﻟﺎ³ ﺔﻛ É Êﻠﻟ ËÅﺧﺍﺪﻟﺍ ﻊﺟﺍﺮﻤﻟﺍ ﻒ¬ﻠÏﺘﺑ

ﺺﺤﻔﻟ ﺔÓﻠﻤﻤﻟﺎ³ ﺔﺼﺧﺮﻤﻟﺍ ﺔ±ﺳﺎﺤﻤﻟﺍ ﺐﺗﺎÏﻣ ﺾﻌ³ ﻦﻣ ﺔﻌﺟﺍﺮﻣﻭ

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ﻡ

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ﺔﻌﺟﺍﺮﻤﻟﺍ ﺔﻨﺠﻟ ﺲﻴﺋﺭ

Attachments for fourteenth agenda item:

x

Voting on Board of Director’s recommendation for the non-distribution of dividends to shareholders for the

fiscal year 31/12/2021 G.

Date: 12/05/2022 Ref.XP/12/05/2022

Directors Resolution of the Board of

The Board of Directors decided to recommend not to distribute cash dividends for the fiscal year 2021 for the purpose of strengthing the financial position of the company, provided that this recommendation will be presented at the next general assembly meeting of shareholders to obtain approval.

Regards,

Names/Signatures of Memebers of the Board of Directors

Sameer AlWazzan H.H Prince Nayef bin Sultan M.

bin Saud AlKabeer Abdallah AlObeikan

Vice chairman Chairman of the board

Board member

Turki AlMutawa Mohammed BinAli Raid AlSaif

Board member Board member Board member

Attachments for fifteenth and sixteenth agenda Items:

x Voting on the Board’s resolution to appoint Dr. Mohammed Alknani as an independent board member as of appointment date of 29/05/2022 to complete the current board term which will end of 10/09/2022.

x Voting on the Board’s resolution to appoint Mr. Saud Bajbair as a non-executive board member as of appointment date of 29/05/2022 to complete the current board term which will end of 10/09/2022. .

CV Form Number (1)

a) Personal Information of the Nominee

Full name: Mohammed Faraj Alkinani

Nationality: Saudi Date of Birth: 12/07/1976

b) Qualifications of the Nominee

# Degree Major Date of the Degree Name of Awarding Entity

1

Ph.D. Financial Economics 2006 Oklahoma State

University, Stillwater, Oklahoma 2

Master Financial Economics 2001 King Fahd University of Petroleum & Minerals,

Saudi Arabia 3

Bachelor Science (B.S.) in Finance

1998 King Fahd University of Petroleum & Minerals,

Saudi Arabia 4

Chartered Financial Analyst (CFA)

Financial Analysis and investment

2007 CFA Institute / USA

5

c) Work Experience of the Nominee

Term Areas of Experience

Since 09/2018 V Consortium (Founder and CEO)

Since 04/2011 until 08/2018

KFUPM Endowment (Vice president ,General Supervisor of Investment) Since 11/2006

until 08/2018

KFUPM Business School (faculty member, Assistant Professor of Finance, Head of the Finance Department, Dean of the College of Management)

d) Current membership in the board and committees of other joint stock companies (listed or unlisted) or any other company, regardless of its legal form

#

Name of the Company

Main activity

Membership status (Executive, NonExecutive,

Independent)

Membership nature (Personal capacity, a Representative

of a Legal person)

Committees Membership

Legal Form of the Company

1

Arab National

Bank

financial sector

Independent Personal capacity

Chairman of Nomination

and

Listed

company

remuneration Committee 2

Leejam Sports Co.

Consumer Services

Independent Personal capacity

Chairman of Audit Committee

Listed company

3

Saudi Real Estate Refinance

Company

Mortgage Independent Personal capacity

Chairman of Risk and

Credit Committee

Private company (Unlisted)

4

Dhahran Techno

Valley Holding

Co.

Research and development

NonExecutive Representative of a Legal

person

Chairman of Risk and

Credit Committee

Private company (Unlisted)

5

Dhahran Valley Business Service Co.

Business and professional

services

NonExecutive Representative of a Legal

person

Chairman of the Board

Private company (Unlisted)

6

Business Park Complex

Co.

Real-estate NonExecutive Representative of a Legal

person

Private

company

(Unlisted)

CV Form Number (1)

a) Personal Information of the Nominee

Full name: Saud Abdulaziz Bajbair

Nationality: Saudi Date of Birth: 01/11/1977

b) Qualifications of the Nominee

# Degree Major Date of the Degree Name of Awarding Entity

1 Bachelor 2000 Industrial Engineering

King Fahad University of Petroleum and Minerals,

B.S in Industrial Engineering, Saudi Arabia 2

3 4 5

c) Work Experience of the Nominee

Term Areas of Experience

Since 03/2011 until 01/2014

The National Commercial Bank (Head of Real Estate & Personal Finance Division) Since 01/2014

until 01/2015

The National Commercial Bank (Head of Consumer Finance Division) Since 01/2016

until 04/2021

The National Commercial Bank (Head of Branch Banking Network Division) Since 04/2021

until 12/2021

The National Commercial Bank ( Head of Retail Strategy & Analytics Division) Since 01/2022

until present

The National Commercial Bank(- Head of Retail Network Division)

d) Current membership in the board and committees of other joint stock companies (listed or unlisted) or any other company, regardless of its legal form

#

Name of the Company

Main activity

Membership status (Executive, NonExecutive,

Independent)

Membership nature (Personal capacity, a Representative

of a Legal person)

Committees Membership

Legal Form of the Company

1 -

2

3

4