Jabal Omar Development Co. — Capital/Financing Update 2021

Oct 5, 2021

Jabal Omar Development Company announces restructuring of the Islamic term financing provided by SABB and SNB

4250 · 05/10/2021 09:05:37 · Announcement #65062 · View on Saudi Exchange

Jabal Omar Development Company announces restructuring of the Islamic term financing provided by SABB and SNB

Element List	Explanation
Introduction	Jabal Omar Development Company announces signing an agreement to restructure the Islamic term financing (the “Facility”) provided by SABB and SAMBA (SNB currently) under certain financing the agreements originally entered into on May 2015. Key terms of the restructuring included the following:

• Reinstating SR 1.2 billion of available limit to be drawn

• Extending the facility’s final maturity by 3 years from the date of maturity of the original financing; with an option to extend by a further 3 years, subject to certain pre-agreed conditions

• Sculpted amortization schedule based on the underlying projects’ cash flows with sufficient headroom

• Scheduled repayments will initiate after a grace period of 3 years

• Scope for step-down in profit rate based on achieved progress on Phases 2 and 4 of the Project and deleveraging of the facility Date of singing the rescheduling of finance 2021-10-04 Corresponding to 1443-02-27 Financing entity SABB and SNB Reasons for rescheduling Arrange required funding to complete Phases 2 & 4 of Jabal Omar Project and improve the commercial terms of the facility to be aligned with the company’s cash flows and capital structure. The Financing amount and rescheduled part • Total financing limit before restructuring was SR 4.7 billion

• Total financing limit after restructuring is SR 5.9 billion Financing Duration, before and after Rescheduling • The tenor of the original facility was 12 years from the date of signing the agreement on May 2015.

• The tenor of the restructured facility is 9 years from the date of signing the agreement to restructure the facility on October 2021; with an option to extend by a further 3 years subject to certain pre-agreed conditions. Guarantees offered for the rescheduled Financing No guarantees or additional security offered as part of this process. Related Parties It is worth noting that this transaction involves a related party; as the Chairman of the Board, Mr. Saeed Alghamdi, is the ED and CEO of the Saudi National Bank. The company will present this contract to the general assembly to obtain its approval. Additional Information This restructuring forms part of the company’s turnaround plan to improve its capital structure, decrease its financial obligations and accelerate the completion of the project’s phases.

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.