Jabal Omar Development Co. — Capital/Financing Update 2021

Nov 21, 2021

Jabal Omar Development Company (“JODC”, the “Company”) received the approval of the Ministry of Finance (“MoF”) to restructure its SAR 3.0bn loan

4250 · 21/11/2021 08:09:47 · Announcement #65704 · View on Saudi Exchange

Jabal Omar Development Company (“JODC”, the “Company”) received the approval of the Ministry of Finance (“MoF”) to restructure its SAR 3.0bn loan

Element List	Explanation
Introduction	JODC makes reference to its announcement on Tadawul dated 13 December 2011 regarding the receipt of a SAR 3.0bn loan from MoF (the “Existing Loan”), and further to its announcement dated 29 March 2020 regarding MoF’s approval for extending the maturity of the Existing Loan and providing support to restructure the Company’s remaining loans.

Today, JODC announces it has received a resolution from MoF approving:

• Conversion of SAR 1.5bn of the total Existing Loan amount into a new Shariah-compliant subordinated perpetual instrument (the “Perpetual”), in accordance to the terms agreed;

• Maturity extension of the remaining SAR 1.5bn (the “Amended Loan”) to 31 March 2031, with bullet payment;

• Waiver of the entire accrued but unpaid profit as of 14 November 2021 amounting to SAR 440m;

• Reduction in the profit margin on the Amended Loan;

• Capitalization of all profit due between 15 November 2021 and 31 December 2025; and

• Replacement of the land plot housing the DoubleTree Hotel in the security package with plots in the Jabal Omar Project of equivalent value. Date of singing the rescheduling of finance 2021-11-21 Corresponding to 1443-04-16 Financing entity Ministry of Finance Reasons for rescheduling Support in the execution of JODC’s capital structure optimization program, reduction of annual financial charges, improvement in the Company’s capitalization and stabilization of the financial position of JODC to enable completion of the outstanding phases of the masterplan. The Financing amount and rescheduled part • Existing Loan amounted to SAR 3.0bn.

• SAR 1.5bn of the Existing Loan restructured and maturity extended to 31 March 2031.

• Remaining SAR 1.5bn converted into new Shariah-compliant subordinated perpetual instrument, in accordance to the terms agreed. Financing Duration, before and after Rescheduling • The SAR 3.0bn Existing Loan was scheduled to mature on 31 March 2022.

• The SAR 1.5bn Amended Loan now matures on 31 March 2031.

• The SAR 1.5bn Perpetual has no maturity date. Guarantees offered for the rescheduled Financing No guarantees or additional security offered as part of this process. Related Parties This transaction involves a related party as the board member Mr. Thalb Al-Shamrani is a senior executive in the Ministry of Finance. Additional Information The MoF approval is conditional upon execution of the relevant agreements.

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.