Etihad Atheeb Telecommunication Co. (GO) Announces Its Board of Directors Recommendation to Reduce the Company's Capital

Element List	Explanation
Introduction	Etihad Atheeb Telecommunication Company (GO) announces that the Board of Directors met on 04/03/1443 AH (corresponding to 10/10/2021 AD) and issued a resolution on 04/03/1443 AH (corresponding to 10/10/2021 AD) to recommend to the Extraordinary General Assembly to reduce the Company’s capital according to the following detail:
Date of Board Meeting	2021-10-10 Corresponding to 1443-03-04
Capital before decrease	SAR 228,529,000
Capital after decrease	SAR 89,999,000
Percentage of Capital decrease	60.62 %
Number of Shares before Decrease	22852900
Number of Shares after Decrease	8999900
Reasons for the Capital Decrease	Restructuring the Company capital to write off the accumulated losses amounting to (138,531,481) Saudi Riyals as at the end of August 2021, at a rate of (99.99%).
Method of Capital Decrease	- Cancellation of (13,853,000) shares of the Company's shares.

- Amortizing (99.99%) of the total accumulated losses amounting to (138,531,481) Saudi riyals.

- (3.03) shares will be canceled for every (5) shares of the issued Company's shares. Impact of the Capital Decrease on the Company's Obligations, Operations or Operational, Financial or Organizational Performance of the Company There is no impact of the capital reduction on its financial obligations. Date of reduction The end of the second trading day following the Extraordinary General Assembly in which it was decided to reduce the capital, and whose date will be determined later. Approvals Note that the reduction of the capital and the number of shares is conditional on the necessity of approval by the related official authorities and the extraordinary general assembly. Appointment of a Financial Advisor and the Submission of the Application for Capital Decrease to CMA Aljazira Capital (AJC) has been appointed as a financial advisor to manage the Company's capital reduction process and all related procedures.

An announcement will be made when the capital reduction application file is submitted to the Capital Market Authority for approval, in addition to any other material developments. Additional Information Noting that the Company announced on the Tadawul website on 26/11/1442 AH (corresponding to 06/07/2021 AD) of its board of directors' decision to recommend assigning the executive management to study ways to restructure the capital, including reducing the capital; And then raise the capital in proportion to the company's financial position.

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.