Arabian Shield Cooperative Insurance Co. — Earnings Release 2012

Feb 20, 2013

Arabian Shield Cooperative Insurance Company announces its Financial Results for the year ending 31/12/2012: (continued)

8070 · 20/02/2013 16:23:27 · Announcement #29051 · View on Saudi Exchange

Arabian Shield Cooperative Insurance Company announces its Financial Results for the year ending 31/12/2012: (continued)

7.The decrease in the net profits for the current period compared to the equivalent period from the previous year is due to the increase in the claims incurred expenditures supporting expansion of retail operations which is expected to produce results in the medium term.

8.The auditors reports draws attention to the fact that the Financial Statements are prepared in accordance with International Financial Reporting Standards (IFRS) and not in accordance with accounting standards generally accepted in the Kingdom of Saudi Arabia issued by SOCPA. The Company assures that there are no material differences or substantial impact on the interim financial statements as a result of preparation, according to the international standards over the accounting standards issued by SOCPA.

9.Up to 30 June 2012, the Company reported zakat and income tax as a period expense in the Statement of Shareholders' Operations.

With effect from 30 September 2012, the Company reports zakat and income tax as Other Comprehensive Item in the Statement of Shareholders' Comprehensive Income and the Statement of Changes in Shareholders' Equity.

As a result of this, Earnings per Share are now calculated on underlying profit before provision for zakat and income tax. The comparative figures for the year ended 31 December 2011 have been restated.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.