The Board of Directors of the Gulf General Cooperative Insurance Company is pleased to invite the shareholders to participate and vote in the Extraordinary General Assembly meeting (The third meeting), which is scheduled to be held, at 9:00 P.M. on Tuesday, 09 Ramadan 1445 AH, corresponding to 19 March 2024 AD, through means of modern technology.

City and venue of General Assembly meeting: Company headquarters, Jeddah - through means of modern technology.

Link of the venue of the meeting: www.tadawulaty.com.sa

Date of the General Assembly meeting:  09/09/1445 AH corresponding to 19/03/2024 AD

Time of the General Assembly meeting: 21:00

The right to attend, the right to register, and the end of voting:

Every shareholder registered in the company’s shareholder register at the Depository Center at the end of the trading session preceding the General Assembly meeting has the right to attend the Assembly meeting in accordance with the rules and regulations. The right to register attendance at the General Assembly meeting ends at the time of the General Assembly meeting. The right to vote on the General Assembly items for those present ends when the counting committee finishes counting the votes.

Quorum required for holding the General Assembly meeting:

The Extraordinary General Assembly meeting (Third meeting) is valid regardless of the number of shares represented in it.

General Assembly agenda:

1. Voting on the Board’ recommendation regarding decrease of the Company’s capital, as the following:

• Company’s capital before the decrease: (500,000,000) Saudi Riyal.
• Company’s capital after the decrease: (300,000,000) Saudi Riyal.
• Number of Shares before the decrease: (50,000,000) shares.
• Number of Shares after the decrease: (30,000,000) shares.
• The percentage of the capital decrease: 40% of the Company’s capital.
• Reasons for capital decrease: Restructuring the company's capital to write-off an amount of 200,000,000 riyals (two hundred million Saudi riyals) from the accumulated losses.
• Method of capital decrease: Cancellation of (20,000,000) shares of the Company's shares at a discount of 0.4 shares for each share.
• Date of decrease: If the item is approved, reduction resolution shall be effective on the eligible shareholders who are holding shares on day of convening the Extra-Ordinary General Assembly and who are registered in the shareholders registry with the Securities Depository Center Company (“Edaa”) at the end of the second trading day following the date of convening the Extraordinary General Assembly meeting, in which the capital reduction was decided.
• Impact of Capital decrease on Company’s obligations: There is no material impact from the capital reduction on the company’s financial, operational, or regulatory obligations, operations, or performance, and the ownership percentage of any shareholder will not change as a result of the capital reduction.
• Amending Article (8) of the Company’s Bylaw on Company’s capital (Attached).

Proxy form: attached.

The shareholder’s right to discuss topics on the association’s agenda, ask questions, and how to exercise the right to vote (Electronic voting)

The shareholder has the right to discuss the topics on the General Assembly's agenda, and to ask questions. Registered Shareholders in Tadawulaty can vote remotely on the General Assembly's agenda.

Details of the electronic voting feature on the Assembly’s items

Registered Shareholders in Tadawulaty can vote remotely on the General Assembly's agenda starting from (01 A.M.) on (Friday) 05/09/1445 AH, corresponding to 15/03/2024 AD until the end of meeting time. Registration and voting in Tadawulaty services will be available and free of charge to all shareholders using the following link: www.tadawulaty.com.sa.

Method of Communication

In case of any inquiries regarding the General Assembly meeting agenda items, we hope to communicate with the Department of Shareholder Relationships by phone: 920001862, Ext: 8986, or email” [email protected].