Saudi Reinsurance Company will increase its capital from 891,000,000 Saudi Riyals to 1,158,300,000 Saudi Riyals with the suspension of pre-emptive rights, by issuing 26,730,000 new ordinary shares (representing 30% of the Company’s current capital), with a nominal value of 10 Saudi riyals per share (the “New Shares”). In full consideration of the issuance of the New Shares, PIF has committed to pay to the Company a subscription amount of SAR 16 per New Share being a total subscription amount of SAR 427,680,000. The New Shares will be fully subscribed by PIF, so that PIF's ownership in the Company’s share capital will be 23.08% after the capital increase, subject to the non-objection of the Insurance Authority and the approval of the Capital Market Authority. It should be noted that PIF is not a related party to the Company.

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