Property valuation

February 18, 2024

A disclosure from our subsidiary [COMBINED INTERNATIONAL REAL ESTATE COMPANY- K.S.C.],which owned states 45% from subsidiary [J2 UNITED GENERAL CONTRACTINGFOR BUILDINGS CO. W.L.L.] has completed the evaluation of an investment property under construction with a completion rate of 30%, this investment property is located on a usufruct land within a partnership contract with the public corporation for residential care in Jaber Al-Ahmadresidential city, and the evaluation of the investment property under construction amounted to KD 43.8 million based on a report from a competent resident approved by the Ministry of Commerce and industry.

Accordingly, we would like to emphasize that this valuation will not materially affect the financial statements of our company, since our accounting registration policy and that of our subsidiary COMBINED INTERNATIONAL REAL ESTATE COMPANY-K.S.C.], is based on the cost registration model for real estate not based on the fair value registration model for real estate.

We confirm that this disclosure comes within the framework of our commitment to transparency and clarity in accordance with the instructions of the Capital Markets Authority, and reflects our keenness to inform our shareholders and the financial market about the fundamental developments related to our investment projects.

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