Gulf Navigation Holding PJSC — Audit Report / Information 2021

Apr 1, 2021

GNH/NM/DFM/EN/013

Detailed analysis of accumulated losses

Date	31 March 2021
Name of the Listed Company	Gulf Navigation Holding PJSC
Define the period of the	Annual 2020
financial statements
Value of the Accumulated	AED 724,124,000
losses
Accumulated losses to capital	71.05%
ratio
The main reasons leading to	Lower revenue due to Covid -19 impact.
these accumulated losses and	High net finance cost. $\bar{ }$
their history	Write-off of GL1 vessel which sank off during the $\overline{\phantom{a}}$
	year.
Measures to be taken to	The group is stabilizing the vessels performance by $\overline{\phantom{a}}$
address accumulated losses:	taking the necessary measures to overcome the
	Covid-19 pandemic challenges.
	The Group is negotiating refinancing the vessels with
	a lower finance rate.
	The Group is expecting to recover the insurance $\overline{\phantom{a}}$
	proceeds with regards to the lost vessel very soon.

The Name of the Authorized Signatory	Ahmad Kilani
Designation	Board Member
Signature and Date	31/02/2021
Company's Seal
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$+97144270104$ $+97144270103$ 富	www.gulf Navigation Holding pso Box: 49651 69 P.O Box 49651, Dubai - U.A.E.