Methanol Chemicals Company (Chemanol) Announces the Results of the Extraordinary General Assembly Meeting, which includes Decreasing and Increasing the Company’s Capital (Second Meeting) (through the Modern Technology Means)

Element List	Explanation
Introduction	The Board of Directors of Methanol Chemicals Company (Chemanol) is announce to the Company’s shareholders the results of the Extraordinary General Assembly Meeting (second meeting), held on Monday 18/11/1442 H. Corresponding to 28/06/2021 at 19:30 pm. via modern technology means provided by Tadawulaty at the Company’s Head Office in Jubail Industrial City. Due to lack of quorum, the second meeting was held after one hour of the scheduled time for the first meeting and the attendance was 29,03% of the Company’s total share capital.
City and Location of the General Assembly's Meeting	Company Head Office – Jubail Industrial City
Date of the General Assembly's Meeting	2021-06-28 Corresponding to 1442-11-18
Time of the General Assembly's Meeting	19:30
Percentage of Attending Shareholders	29,03%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees	The following Board members attended the meeting:

1. Mr. Abdullah Ali Al-Sanea ( Chairman)

2. Mr. Sami Abdul Aziz al-Suwaigh ( Vice Chairman)

3. Eng. Saud Abdullah Al-Sanea (Board Member)

4. Mr. Abdullah Abdul Rahman Bu-Ali (Board Member)

5. Mr. Adel Saleh Al Ghassab (Board Member)

6. Eng. Abdul Salam Mazro Al Mazro (Board Member)

7. Mr. Yassir Abdul Rahman Alluhaidan (Board Member)

8. Mr. Zeyad Abdul Latif. Al barrak (Board Member)

Mr. Mohammed Farhan Al Nader apologized for not attending the meeting due to unforeseen circumstances Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf 1. Mr. Abdullah Ali Al-Sanea (Chairman of Board and Executive Committee)

2. Mr. Sami Abdul Aziz al-Suwaigh (Chairman of Nomination and Remuneration Committee)

3. Eng. Abdul Salam Mazro Al Mazro (Chairman of Marketing Committee)

Mr. Mohammed Farhan Al Nader (Chairman of Audit Committee) apologized for not attending the meeting due to unforeseen circumstances Voting Results on the Items of the General Assembly's Meeting Agenda's 1. Approval of the recommendation of the Company’s Board of Directors to decrease the Company’s capital according to the following:

- Capital before decrease: One billion, two hundred six million (1,206,000,000) Saudi Riyals.

- Capital after decrease: Six hundred seventy-four million, five hundred eight thousand, six hundred thirty (674,508,630) Saudi Riyals.

- Number of shares before decrease: One hundred twenty million, six hundred thousand (120,600,000) shares.

- Number of shares after decrease: Sixty-seven million, four hundred fifty thousand, eight hundred sixty-three (67,450,863) shares.

- Percentage of decrease: 44.07% of the Company's capital.

- Reason for the capital decrease: To write off the accumulated losses amounting to five hundred thirty-one million, four hundred ninety-one thousand, three hundred seventy (531,491,370) Saudi Riyals.

- Method of capital decrease: By canceling fifty-three million, one hundred forty-nine thousand, one hundred thirty-seven (53,149,137) shares; one (1) share will be reduced for every (2.269) shares.

- Date of reduction: The end of the second trading day after the Extraordinary General Assembly Meeting in which decrease was resolved.

- Impact of the capital decrease on the Company's obligations: There is no impact of the capital decrease on the Company's financial obligations.

- Amending Article Seven (7) of the Company’s Articles of Association relating to the Capital (attached).

- Amending Article Eight (8) of the Company’s Articles of Association relating to Shares Subscriptions (attached).

2. Non-Approval of the recommendation of the Company’s Board of Directors to increase the Company’s capital by offering rights issue shares according to the following:

- Capital before the increase: Six hundred seventy-four million, five hundred eight thousand, six hundred thirty (674,508,630) Saudi Riyals.

- Increasing Company’s capital by offering rights issue shares of four hundred eighty million (480,000,000) Saudi Riyals.

- Capital after increase: One billion, one hundred fifty-four million, five hundred eight thousand, six hundred thirty (1,154,508,630) Saudi Riyals.

- Number of shares before increase: Sixty-seven million, four hundred fifty thousand, eight hundred sixty-three (67,450,863) shares.

- Number of shares after increase: One hundred fifteen million, four hundred fifty thousand, eight hundred sixty-three (115,450,863) shares.

- Reason for the capital increase: To raise the Company’s financial solvency and reduce borrowing rates and the costs incurred from them.

- Method of capital increase: By offering and listing rights issue shares of forty-eight million (48,000,000) ordinary shares.

- Eligibility Date: In the event of the approval of the said Agenda Item, shareholders who own shares on the day of the Extraordinary General Assembly and who are registered in the Company's Shareholder Register at the Securities Depository Center Company (“Edaa”) by the end of the second trading day following the date of the Extraordinary General Assembly meeting.

- Amending Article Seven (7) of the Company’s Articles of Association relating to the Capital.

- Amending Article Eight (8) of the Company’s Articles of Association relating to Shares Subscriptions. Additional Information According to the result of Extra- ordinary General Assembly Meeting the Company’s capital decrease from One billion, two hundred six million (1,206,000,000) Saudi Riyals.

to Six hundred seventy-four million, five hundred eight thousand, six hundred thirty (674,508,630) Saudi Riyals.

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.