WE SABAH AL SALEM AL SABAH, AMIR OF KUWAIT Documents/Articles of association.pdf · WE SABAH AL SALEM AL SABAH, AMIR OF KUWAIT ... adjacent to the Kuwait Hilton Hotel ... was amended

Articles & Memorandum of Association - United Real Estate Co. KSCP. 02

WE SABAH AL SALEM AL SABAH, AMIR OF KUWAITPursuant to:

• LawNo.15of1960regardingcommercialcompanies,andthelawsamendingit;

• theMemorandumofAssociation;and

• ArticlesofAssociationoftheUnitedRealEstateCompany(aKuwaitiShareholdingCompanyKSC).

And based uponthesubmissionoftheMinisterofCommerceandIndustry,And aftertheapprovaloftheCouncilofMinisters,Have Decreed the following:

Article (1)It is Licensed for: Sheikh Naser Sabah Al-Ahmad Al-Sabah, Musaed Al-Saleh Real EstateCompany, Abdul Aziz and Ali Yousif Al-Muzaini Company, Abdul Jalil Syed Hassan AhmedBehbehani,KhaledIssaAl-Saleh,MubarakAbdulAzizAl-Hasawi,AbdulRahmanAl-MansourAl-Zamil,SalehAbdulRahmanAl-Abdali,AhmedAbdullahAl-Mahri,andMohammedAbdullahAl-Rabiaa,toestablish,inKuwaitandattheirresponsibility,aKuwaitiShareholdingCompanynamed“UnitedRealEstateCompany”withacapitalofK.D.3,000,000(ThreeMillionKuwaitiDinars).

Article (2)The aforementioned Founders are committed to the Memorandum of Association forestablishingtheCompanyanditsArticlesofAssociation(Statute).AttachedtothisDecreeisanofficialcopyofeachofthesetwodocumentssignedbytheFounders,inwhichtheywillabidebytheCommercialCompaniesLawandtheotherlaws.

Article (3)This licensedoesnotgrantthementionedCompanyanymonopolyorprivilegeanddoesnotresultinanyliabilityonthegovernmentofStateofKuwait.

Article (4)TheMinisterofCommerceandIndustryshallimplementthisDecree,anditshallbepublishedintheOfficialGazette.

IN THE NAME OF ALLAH THE MOST GRACIOUS THE MOST MERCIFUL

DECREELicensing the Establishment of a Kuwaiti Shareholding Company

NAMED: UNITED REAL ESTATE COMPANY ((URC)

AmirofKuwaitSabah Al-Salem Al-Sabah

PrimeMinisterJaber Al-Ahmad Al-Jaber Al Sabah

MinisterofTradeandIndustryKhaled Suleiman Al-Adsani


United Real Estate CompanyKuwaiti Public Shareholding Company

Articles of Association


United Real EstateArticles of Association

Article (1)TheSignatorieshereunderhaveformedagroupwhosepurposeistheestablishmentof a Kuwaiti Shareholding Company licensed by the Kuwaiti government inaccordancewiththeprovisionsoftheCommercialCompaniesLawandtheArticlesofAssociation(Statute)attachedtothisMemorandum.

Article (2)ThenameofthisCompanyisUnitedRealEstateCompany,aKuwaitiShareholdingCompany.

Article (3)The Company’s head office and legal domicile is in Kuwait City. The Board ofDirectorsmayestablishbranchesoragencies,whether in theStateofKuwaitorabroad.

Article (4)ThedurationofthisCompanyisnotlimited.

Article (5)1TheobjectivesforwhichtheCompanywasestablishedarethefollowing:

Without prejudice to the provisions of the Decree of the Companies and theExecutiveBylawsthereof,thepurposesforwhichtheCompanywasestablishedarethefollowing:

1. Owning,selling,purchasinganddeveloping realestatepropertiesand lands,fortheCompany’saccountintheStateofKuwaitandabroad,aswellasthemanagementofthepropertiesofothers;allofwhichshallnotbecontrarytotheprovisionsofexistinglawswhichbanthetradinginprivatehousinglotsasprovidedfortherein.

2. Owning,buyingandsellingsharesandbondsofrealestatecompaniesfortheCompany’saccountintheStateofKuwaitandabroad.

3. Preparingstudiesandprovidingconsultancyservicesforalltypesofrealestate,provided that thepersonwhoshall providesuchservicesmeetsall requiredconditions.

1Article (5) was amended at the EGAM convened on April 16, 2014


4. CarryingoutmaintenanceworkpertinenttobuildingsandpropertiesownedbytheCompanyandbyothers(thirdparties),includingsuchmaintenancework,the execution of civil, mechanical, electrical, elevator, and air conditioningworksandothertasksrelatedtomaintenancetoensurethepreservationandsafetyofthebuildings.

5. Owning,managing,operating,investing,rentingandleasingofhotels,healthclubs,motels, guest and rest houses, parks, gardens, galleries, restaurants,cafeterias, residential complexes and facilities, tourist and health resorts,recreationandsport-relatedprojectsandshopsofvariousgradesstandardandlevels,includingalltheoriginalandsupportingservicesandfacilitiestheretoaswellasothernecessaryserviceswithintheStateofKuwaitandabroad.

6. Organizing private real estate exhibitions pertinent to the Company’s realestateprojects.

7. Conductingrealestateauctions,inaccordancewithtotheapplicableregulationsoftheMinistry.

8. Owningcommercialmallsandresidentialcomplexes.

9. Utilising cash surpluses available in the Company by investing the same ininvestmentportfoliosmanagedby specialized companiesandparties in theStateofKuwaitandabroad.

10. Establishing, managing or participating with others in real estate funds,whetherintheStateofKuwaitorabroad.

11. Direct contribution in the development of infrastructure for residential,commercial and industrial areas and projects according to “Build-Operate-Transfer”(BOT)modelandmanagingrealestatefacilitiesundertheBOTmodel.

TheCompanymayconductsuchtasksintheStateofKuwaitandabroaddirectlyorthroughagents.

TheCompanymayalsocarryoutinsimilar,complementaryornecessaryworksorothertasksrelatedtoitsmentionedobjectives.


Article (6)2 TheCompany’s capital isatK.D. 118,797,442 (OneHundredandEighteenMillion,SevenHundredandNinety-SevenThousand,FourHundredandForty-TwoKuwaitiDinars), divided into 1,187,974,420 shares (One Billion, One Hundred and Eighty-Seven Million, Nine Hundred and Seventy-Four Thousand, Four Hundred andTwentyShares);atvalueof100(OneHundred)filspershare.

Article (7)ThesignatoryFounderssubscribedtotheCompany’scapitalwithsharesamountingto150,000(OneHundredandFiftyThousand)shares,areaccordingtothefollowing:

FOUNDER NAMESHARESIN-KIND

CONTRIBUTION

SHARES FOR CASH TOTAL AMOUNT

IN K.D.

1. Naser Sabah Al-Ahmad Al-Sabah 25,330 21,170 46,500 465,000

2. Musaed Al-Saleh Real Estate Company 26,860 19,640 46,500 465,000

3. Abdul Aziz & Ali Yusif Al-Mozaini Company 30,000 30,000 300,000

4. Abdul Jalil Syed Hassan Ahmed Behbehani 12,000 12,000 120,000

5. Khaled Issa Al-Saleh 3,000 3,000 30,000

6. Mubarak Abdul Aziz Al-Hasawi 3,000 3,000 30,000

7. Abdul Rahman Al-Man-sour Al-Zamil 1,500 1,500 15,000

8. Saleh Abdul Rahman Al-Abdali 1,500 1,500 15,000

9. Ahmed Abdullah Al-Mahri 3,000 3,000 30,000

10. Mohammed Abdullah Al-Rabiaa 3,000 3,000 30,000

TOTAL 52,190 97,810 150,000 1,500,000

2Article (6) was amended at the EGAM convened on May 20, 2010


Thetwofounders,whosubscribedin-kindcontributions,haveundertakentodeposittheofficialTitleDeedsthatareintheirnamesatthedisposalofthisCompany,priortotheShareholders’GeneralAssemblyMeeting(toelectmembersoftheBoardofDirectors)andbeforetheCompanycommencesitsbusiness.

TheFoundersalsoundertakethat,uponreceiptoftheTitleDeeds,theywilltransferownershipoftheassets inkindtothenameoftheCompanyinaccordancewiththelawandshallpaytheentirevalueofthecashsharesto“GulfBank”(aKuwaitiShareholding Company). The value of the cash shares has already been paid infullamountingtoK.D.978,100 (NineHundredandSeventy-EightThousand,OneHundredKuwaitiDinars),under theBankStatementdated 19/03/1973,attachedto the origin of thisMemorandum of Association. The remainder of the sharestotaling 150,000 (One Hundred and Fifty Thousand) shares shall be put up forpublicsubscriptioninaccordancewiththeprovisionsoftheArticlesofAssociation.

Note:Thevalueofthein-kindsharesareroundedtothenearestnumber10(Ten)topermitthedistributionofshares,duetotheinadmissibilityofdividingtheshare.

Article (8)The in-kindshares,whichwere incorporated in theCompany’s capital formationare:

A.ThepropertygrantedbySheikhNasserSabahAl-AhmadAl-Sabah,locatedinAl-DaiyaareaontheArabianGulfStreet(attheseaside),withaspaceareaof11487/70squaremetersundertheSurveyPlanNo.m/47330asdescribedindeedNo.704Volume/2/dated28/2/1953.

B.ThepropertygrantedbyMusaedAl-SalehRealEstateCompany,locatedinBneidAl-Qar(attheseaside)adjacenttotheKuwaitHiltonHotel,withaspaceareaof13653squaremetersundertheSurveyPlanNo.m/26569asdescribedindeedNo./341/dated13/2/1971.

ThesetwocontributionswerevaluedinaccordancewiththeproceduressetoutinArticle/105/oftheCommercialCompaniesLawandbydecisionofthePresidentoftheKuwaitChamberCourtNo.m.k.a/246/586dated26/02/1973,byvirtueofwhichexperts Abdul Aziz Al-Madooh, Salem Al-Qattan and Ahmed Al-Mawash wereappointedtoestimatethevalueofthetwoaforementionedrealestateproperties.


Theexpertspresentedtheir reportdatedMarch 1, 1973, inwhichtheyestimatedthe value of the property provided by SheikhNasser SabahAl-AhmadAl-Sabahat K.D. 253,395/550 (Two Hundred and Fifty-Three Thousand, Three HundredNinety-FiveKuwaitiDinarsFiveHundredandFiftyfils).Theyalsoestimatedthevalueof thepropertyprovidedby theMusaedAl-SalehRealEstateCompanyatK.D.268,623/-(TwoHundredandSixty-EightThousand,SixHundredandTwenty-ThreeKuwaitiDinars).

AttachedtotheoriginofthisMemorandumofAssociation,acopyofthementionedReport.

Article (9)TheexpendituresandexpensesthattheCompany iscommittedtosettle for itsfoundation are approximately 15,000 (Fifteen Thousand Kuwaiti Dinars) to bedeductedfromgeneralexpenditureaccount.

Article (10)TheFoundersshallseektheissuanceoftheincorporationdecreeandtocarryoutallthenecessarymeasurestocompletetheestablishmentofthisCompany.

For this purpose they have appointed the following committee to act on theirbehalf:

1. SheikhNaserSabahAl-AhmadAl-Sabah2. FawziMusaedAl-Saleh

To take legal action and to extract the necessary documents and amendmentswhichthegovernmentmightdeemnecessarytointroducetothisMemorandumofAssociationortheaccompanyingCompany’sArticlesofAssociation.


United Real Estate CompanyKuwaiti Public Shareholding Company

Memorandum of Association



First ChapterCompany Incorporation

United Real Estate Co. Memorandum of Association

Article (1)TheCompanyisestablishedinaccordancewiththeprovisionsoftheCommercialCompaniesLawandthisStatutebetweentheownersofshares,theprovisionsofwhicharesetforthhereinafter,aKuwaitishareholdingcompanyunderthenameof“UnitedRealEstateCompany”.

Article (2)TheCompany’sheadofficeand legaldomicile is inKuwaitCityandtheBoardofDirectorsmayestablishbranchesoragencies,whether in theStateofKuwaitorabroad.

Article (3)ThedurationofthisCompanyisnotlimited.

Article (4)3

TheobjectivesforwhichtheCompanywasestablishedarethefollowing:

WithoutprejudicetotheprovisionsoftheDecreeoftheCompaniesLaw,andtheExecutiveBylawsthereof,thepurposesforwhichtheCompanywasestablishedarethefollowing:

1. Owning,selling,purchasinganddevelopingrealestatepropertiesandlands,fortheCompany’saccountintheStateofKuwaitandabroad,aswellasthemanagementofthepropertiesofothers;allofwhichmaynotbecontrarytotheprovisionsofexistinglawswhichbanthetradingofprivatehousinglotsasprovidedfortherein.

2. Owning,buyingandsellingsharesandbondsofrealestatecompaniesfortheCompany’saccountintheStateofKuwaitandabroad.

3. Preparing studies and providing consultancy services for any and all typeswithintherealestatefield,providedthatthepersonwhoshallprovidesuchservicesmeetsallrequiredconditions.


4. CarryingoutmaintenanceworkspertinenttobuildingsandpropertiesownedbytheCompanyandbyothers(thirdparties),includingsuchmaintenanceworks,astheexecutionofcivil,mechanical,electrical,elevator,andairconditioningworksandalltasksrelatedtomaintenanceworkstoensurethepreservationandsafetyofthebuildings.

5. Owning, managing, operating, investing, renting and leasing hotels, healthclubs,motels, guest and rest houses, parks, gardens, galleries, restaurants,cafeterias, residential complexes and facilities, tourist and health resorts,recreationandsport-relatedprojectsandshopsofvariousgradesandlevels,includingalltheoriginalandauxiliarysupportingservicesandfacilitiestheretoaswellasothernecessaryserviceswithintheStateofKuwaitandabroad.

6. Organizing private real estate exhibitions pertinent to the Company’s realestateprojects.

7. Conductingrealestateauctions,accordingtotheapplicableregulationsoftheMinistry.

8. Owningcommercialmallsandresidentialcomplexes.

9. Utilizing cash surpluses available in the Company by investing the same ininvestmentportfoliosmanagedby specialized companiesandparties in theStateofKuwaitandabroad.

10. Establishingcreating,managingorparticipatingwithothersinrealestatefunds,whetherintheStateofKuwaitorabroad.

11. Direct contribution to the development of infrastructure for residential,commercial and industrial areas and projects according to “Build-Operate-Transfer”(BOT)modelandmanagingrealestatefacilitiesundertheBOTmodel.

TheCompanymayconductsuchworksintheStateofKuwaitandabroaddirectlyorthroughagents.

TheCompanymayalsobeengagedinsimilar,complementaryornecessaryworksorotherworksrelatedtoitsmentionedobjectives.


FOUNDER NAMESHARESIN-KIND

CONTRIBUTION

SHARES FOR CASH TOTAL AMOUNT

IN K.D.

1. Naser Sabah Al-Ahmad al-Sabah 25,330 21,170 46,500 465,000

2. Musaed Al-Saleh Real Estate Company 26,860 19,640 46,500 465,000

3. Abdul Aziz & Ali Yusif Al-Mozaini Company 30,000 30,000 300,000

4. Abdul Jalil Syed Hassan Ahmed Behbehani 12,000 12,000 120,000

5. Khaled Issa Al-Saleh 3,000 3,000 30,000

6. Mubarak Abdul Aziz Al-Hasawi 3,000 3,000 30,000

7. Abdul Rahman Al-Man-sour Al-Zamil 1,500 1,500 15,000

8. Saleh Abdul Rahman Al-Abdali 1,500 1,500 15,000

9. Ahmed Abdullah Al-Mahri 3,000 3,000 30,000

10. Mohammed Abdullah Al-Rabiaa 3,000 3,000 30,000

TOTAL 52,190 97,810 150,000 1,500,0004Article (5) was amended at the EGAM convened on May 20, 20105Article (6) was amended at the EGAM convened on April 7, 2016

Article (5)4

TheCompany’scapitalisK.D.118,797,442(OneHundredandEighteenMillion,SevenHundredandNinety-SevenThousand,FourHundredandForty-TwoKuwaitiDinars),dividedinto1,187,974,420shares(OneBillion,OneHundredandEighty-SevenMillion,NineHundredandSeventy-FourThousand,FourHundredandTwentyShares);atvalueof100(OneHundred)filspershare.

Article (6)5

ThesharesoftheCompanyarenominativeandmaybeownedbynon-Kuwaitis,accordingtotheprovisionsoflawandministerialdecreesgoverningthesame.

Article (7)Thevalueofthesharesshallbepaidinfulluponsubscription.

Article (8)The Founders subscribed to the Company’s capital with shares amounting to150,000(OneHundredandFiftyThousand)shares,arethefollowing:


Thetwofounders,whosubscribedin-kindcontributions,haveundertakentodeposittheofficialTitleDeedsthatareintheirnamesatthedisposalofthisCompany,priortotheShareholders’GeneralAssemblyMeeting(toelectmembersoftheBoardofDirectors)andbeforetheCompanycommencesitsbusiness.

TheFoundersalsoundertakethat,uponreceiptoftheTitleDeeds,theywilltransferownershipoftheassest inkindtothenameoftheCompanyinaccordancewiththelawandshallpaytheentirevalueofthecashsharesto“GulfBank”(aKuwaitiShareholding Company). The value of the cash shares has already been paid infull amounting toK.D. 978,100 (NineHundredandSeventy-EightThousandOneHundredKuwaitiDinars),under theBankStatementdated 19/03/1973,attachedto the origin of thisMemorandum of Association. The remainder of the sharestotaling 150,000 (One Hundred and Fifty Thousand) shares shall be put up forpublicsubscriptioninaccordancewiththeprovisionsoftheArticlesofAssociation.

Note:Thevalueofthein-kindsharesareroundedtothenearestnumber10(Ten)topermitthedistributionofshares,duetotheinadmissibilityofdividingtheshare.

Article (9)Thein-kindshares,whichwereincorporatedintheCompany’scapitalformationare:

1. The property granted by Sheikh Nasser Sabah Al-Ahmad Al-Sabah,located in Al-Daiya area on the Arabian Gulf Street (at the seaside),with a space area of 11487 /70 square meters under the Survey Plan No.m / 47330 as described in deed No. 704 Volume /2/ dated 28/2/1953.

2. The property granted by Musaed Al-Saleh Real Estate Company,located in Bneid Al-Qar (at the seaside) adjacent to the Kuwait HiltonHotel, with a space area of 13653 square meters under the SurveyPlan No. m / 26569 as described in deed No. /341/ dated 13/2/1971.

These two contributions were evaluated in accordance with the procedures setout inArticle /105/of theCommercial Companies Lawandby resolutionof thePresidentoftheKuwaitChamberCourtNo.m.k.a/246/586dated26/02/1973,byvirtueofwhichexpertsAbdulAzizAl-Madooh,SalemAl-QattanandAhmedAl-Mawashwere appointed to estimate the value of the two aforementioned realestateproperties.


TheexpertspresentedtheirreportdatedMarch1,1973, inwhichtheyestimatedthevalueof thepropertyprovidedbySheikhNasserSabahAl-AhmadAl-SabahatK.D.253,395/550(TwoHundredandFifty-ThreeThousand,ThreeHundredandNinety-FiveKuwaitiDinarsandFiveHundredandFiftyfils).TheyalsoestimatedthevalueofthepropertyprovidedbytheMusaedAl-SalehRealEstateCompanyatK.D.268,623/-(TwoHundredandSixty-EightThousand,SixHundredandTwenty-ThreeKuwaitiDinars).

AttachedtotheoriginofthisMemorandumofAssociation,acopyofthementionedReport.

Article (10)Therestoftheshares,amountingto150,000(OneHundredandFiftyThousand)shares,shallbeofferedforpublicsubscriptionforaperiodof1(One)monthinthefollowingKuwaitibanks:

1. NationalBankofKuwait2. CommercialBankofKuwait3. GulfBank4. AlAhliBankofKuwait5. BankofKuwaitandtheMiddleEast

Incaseitisfoundaftertheclosingdateofthepublicsubscriptionthatthenumberof requested shares exceeded the total shares offered for public subscriptionthe shares shall be allotted to the subscribers proportionally to the number ofsubscribedshares.

Thefoundersmayclosethepublicsubscriptionifallsharesofferedforsubscriptionaresubscribedtowithinthefirst10(Ten)days.

Article (11)Nosinglepersonmaysubscribetomorethan1,000(OneThousand)shares.

Article (12)TheBoard ofDirectorswill hand over to eachShareholder,within threemonthsfromthedateofannounceingthefinalformation(establishment)oftheCompany,temporarybondsinlieuofthesharesowned.

TheBoardofDirectorswillhandover thesharecertificateswithinthreemonthsfromthedateofthepaymentofthelastinstallment.


Article (13)Theownershipofashareshallinevitablyresultintheacceptanceofthecontentsand provisions of the Memorandum of Association and the General Assemblyresolutions.

Article (14)EachshareentitlesitsowneranequalrightasothershareswithoutdiscriminationintheownershipoftheCompany’sassetsandtheprofitsdistributedinthemannerdescribedhereinafter.

Article (15)ProfitsduetoeachshareshallbepaidtothelastownerwhosenameisregisteredintheCompany’srecords.

Article (16)6

It shall be permissible by a resolution of theBoard ofDirectors, to increase theissuedcapitalwithinthelimitsoftheauthorizedcapital,providedthattheissuedcapitalispaidinfull.



7Articles (17 - 18) were amended at the EGAM convened on April 16, 2014

Second ChapterCompany Management

Article (17)7

TheCompanyshallbemanagedbyaBoardofDirectorscomprisedofsevenmemberselectedbytheGeneralAssemblyviasecretballot.

Among the Members of the Board of Directors there must be one or moreindependent Members, with experience and competence, to be chosen by theOrdinary General Assembly and whose remunerations shall be determined inaccordancewiththerulesofcorporategovernance,providedthattheirnumbershallnotbemorethanhalfofthemembersoftheBoard.TheindependentmemberisnotrequiredtobeashareholderoftheCompany,andeachshareholder,whethernaturalorlegalperson,mayappointhisrepresentativestotheBoardofDirectorsproportionatelytohisshares,thenumberoftheBoardMembersselectedinthismanner shall be deducted from the total number of the BoardMembers to beelected.ShareholderswhohavetheirrepresentativesintheBoardofDirectorsmaynotparticipatewithothershareholdersintheelectionoftheremainingmembersoftheBoardofDirectors,excepttotheextentinexcessoftheproportionusedintheappointmentof their representatives in theBoard.AgroupofShareholdersmayunitetoappointoneormorerepresentativeintheBoard,attheproportionoftheircombinedownerships.

These representatives shall have the same rights and duties of the electedMembers,andShareholder is responsible for theactsofhis/her representativestowardstheCompany,itsCreditorsandShareholders.

Article (18)7

TheMembersoftheBoardofDirectorsareappointedforaperiodofthree(3)years,subjecttorenewal,andincaseoffailuretoelectnewBoardofDirectorsatthedatespecifiedforthat,theBoardofDirectorsshallcontinuetomanagetheCompany’sbusinessuntiltheeliminationofthereasonsandtheelectionofanewBoard.



Article (19)8

ThecandidateformembershipoftheBoardofDirectorsmustmeetthefollowingconditions:

1. Enjoysfulllegalcapacity.

2. Isnot convictedofa felonyor sentenced to imprisonmentorofbankruptcybynegligenceordeceptionorformoralturpitudeordishonesty,orpenaltyofimprisonmentduetoviolationoftheprovisionsoftheCompaniesLaw,unlesstheyhavebeenrehabilitated.

3. Personallyownsorrepresentsanownerwhoowns1,000(OneThousand)sharesof the Company’s shares. (This requirement does not apply to independentMembers).

If a Member of the Board of Directors forfeits or loses any of the foregoingconditions,hismembershipthereofshallbedisqualified.

Article (20)8

It shall not be permissible for a person, even if he is representing a natural orlegalperson,tobeamemberoftheBoardofDirectorsofmorethanfive(5)publicshareholding companies situated in the State of Kuwait and to be a Chairmaninmorethanone(1)shareholdingcompanysituated intheStateofKuwait.Theviolationofthisconditionshallresultintheannulmentofthemembershipofsuchpersonincompaniesexceedingtheprescribednumberinaccordancewiththemostrecent appointmentwithout prejudice to the rights of third party in good faith.Whoeverviolatessuchconditionshallbecommittedtorefundthecompany,whichnullifieshismembershipanyremunerationsoradvantagesobtainedthereby.

Article (21)If any position in the Board of Directors becomes vacant, this position shall besucceededbytheShareholderwhoobtainedthemostvotesbutfailedtowinthemembershipoftheBoardofDirectorsinthelastelection.However,ifthevacantpositionsamounttoaquarteroftheoriginalpositionsorifnoneofthecandidatesmeettheConditions,theBoardmustinvitetheGeneralAssemblytoconvenewithinaperiodoftwo(2)monthsasofthedateofthevacancyofthelastpositioninordertoelectareplacementforthevacantposition(s).

Inallcases,thenewMemberwillcompletethetermofhispredecessoronly.


9 Article (22) was amended at the EGAM convened on April 7, 201610Articles (23 - 25 - 26) were amended at the EGAM convened on April 16, 2014

Article (22)9

TheBoardofDirectorsshallelectbysecretballotaChairmanandaViceChairman.TheChairmanoftheBoardofDirectorsshallrepresenttheCompanybeforethirdparties and courts of law, in addition to other responsibilities stated in theseArticlesofAssociation.ThesignatureoftheChairmanshallbeconstruedthesameasthesignatureoftheBoardofDirectorswithrespecttotheCompany’sdealingswiththirdparties,furthermoretheChairmanhastoexecutetheresolutionsoftheBoardofDirectorsandcomplywithitsrecommendations.

TheViceChairmanshallactonbehalfoftheChairmanduringhisabsence,orincaseofanyhindrances,preventingtheChairmanfromperforminghisresponsibilities.

Article (23)10

The Company shall have one Chief Executive Officer or more appointed by theBoardofDirectorsfromtheBoardMembersorfromothers,tobeentrustedwithmanagingtheCompany.TheBoarddetermineshisremunerationandauthoritiestosignonbehalfoftheCompanyshallnotbepermissibletocombinethepositionsoftheChairmanwithChiefExecutiveOfficer.

Article (24)TheChairmanortheViceChairmanshallbeauthorizedtoseverallysignonbehalfoftheCompany,andthemanagingdirectors,andanyothermemberoftheBoardofDirectorsdelegatedforthispurpose.

Article (25)10

ThemeetingoftheBoardofDirectorsshallnotbevalidunlessattendedbyhalfthenumberofitsMembersthereof,providedthatthenumberofattendeesisnotlessthanthree(3).Anagreementmaybemakegreaternumberorratio.ABoardmeetingmaybeconvenedusingmodernmeansofcommunication,andresolutionsbycirculationshallbepassedbytheapprovalofalltheMembersoftheBoard.

TheBoardofDirectorsmustconveneatleast6(Six)timesin1(One)year,anditmaybeagreedtohavemoremeetings.

Article (26)10

Decisions of the Board of Directors shall be taken bymajority of theMemberspresent.

Incaseofatievote,thevotingoftheChairmanprevails.MinutesofmeetingsoftheBoardofDirectorsshallberecordedandsignedbytheattendingMembersandtheSecretaryof theBoard.AMemberwhoobjects toa resolution takenby theBoardmayrecordhisobjectionintheMinutesoftheMeeting.



Article (27)IfoneoftheBoardmembersfailstoattendthreeconsecutivemeetingswithouta legitimateexcuse,hemaybeconsideredtohaveresignedbyresolutionoftheBoardofDirectors.

Article (28)11

It shallnotbepermissible toestimate the total remunerationsof theChairmanandMembersoftheBoardofDirectorsbymorethan10%(Tenpercent)ofthenetprofitof theCompanyafter thedeductionof thedepreciationand reservesandthedistributionofprofitsofno lessthan5%(Fivepercent)ofthecapitaltotheShareholders(ahigherpercentagemaybeagreedupon).

ItshallalsobepermissibletodistributeanannualremunerationofnomorethanK.D. 6,000 (Six ThousandKuwaitiDinars) to theChairmanand to eachmemberoftheBoardofDirectorsasofthedateoftheCompany’sincorporationuntiltherealizationofsuchprofitsallowingthedistributionofremunerationsinaccordancewiththeprecedingParagraph.Further,itshallbepermissiblebyaresolutionissuedby the General Assembly to exclude the independent member of the Board ofDirectorsfromthemaximumlimitoftheforegoingremunerations.

The Board of Directors shall be committed to submit an Annual Report to theOrdinaryGeneralMeetingoftheCompanyforapproval.ThisAnnualReportmustaccurately include a detailed statement of the amounts, benefits andprivilegesobtainedbytheBoardofDirectorsofwhatsoevernatureandlabel.

Article (29)11

The Board of Directors has the full authority to manage the Company and toperform all the duties required for running the Company in accordancewith itsobjectives;suchpowerisnotlimitedexceptasprovidedbylaworbytheCompany’sMemorandumofAssociationorArticles ofAssociationor theGeneralAssemblyresolutions.

TheBoardofDirectorsmaysellormortgagetherealestatepropertyoftheCompany,andmay borrow, give guarantees, conduct arbitration, conciliation, donate, andcarryoutotherlegalactionsrelatedtotheCompany’sassetsandproperties.

Article (30)MembersoftheBoardofDirectorsmaynothaveanypersonalcommitmentwithrespecttoCompany’sundertakingsduetotheirresponsibilitieswithinthelimitsoftheirassignment.


Article (31)12

TheChairmanandtheMembersoftheBoardshallbeliabletowardstheCompany,itsShareholdersanditsthirdpartiesforallactsoffraud,abuseofpower,andforanyviolationoftheCompaniesLawortheCompany’sMemorandumofAssociation,andforanyfaultofManagement.

VotingoftheGeneralAssemblytoreleasetheBoardofDirectorsshallnotprecludefrom filing a liability claim. The members of the Board of Directors may notparticipate in the votingof theGeneralAssembly on resolutions concerning thereleasefromtheliabilitythereoforthoserelatedtospecialbenefitsforthemorfortheirspousesorfortheirfirstdegreerelativesorrelatedtoanydisputebetweenthemandtheCompany.

Article (32)12

TheAnnualOrdinaryGeneralAssemblyMeetingshallbeheldupona call by theBoardofDirectorswithinthethree(3)monthsfollowingtheendofthefinancialyear, at the time and place designated by the Board of Directors. The Board ofDirectors may also call the General Assembly to convene whenever necessary.The Board of Directorsmust also call the General Assembly to convene upon asubstantiatedrequestfromanumberofshareholderswhoown10%(Tenpercent)oftheCompany’scapital,orattherequestoftheAuditorwithin15(fifteen)daysfromthedateoftherequest.TheAgendaforthemeetingshallbepreparedbythepartythatcallsforthemeeting.

TheprovisionsrelatedtotheconstituentassemblyasstipulatedbytheCompaniesLaw No. 25 of 2012, as amended, shall apply to the procedures of the GeneralAssemblyconcerningtheinvitationandtheattendancequorumandvoting.

Article (33)IncaseswheretheGeneralAssemblyconvenesattherequestoftheShareholdersor the Auditors, the Agenda shall be prepared by the party that called for theGeneralAssemblyandanymatternotincludedintheagendamaynotbediscussed.

Article (34)13

AnyShareholderofwhatsoevernumberofsharesmayattendtheGeneralAssemblyandheshallhaveanumberofvotesequaltothenumberofvotesprescribedforthesamecategoryofshares.ItshallnotbepermissiblefortheShareholdertovotefor himself or for the Shareholder that he/she is representing in issues relatedto personal interest or a dispute arising between him/her and the Company.Any condition or resolution otherwise shall be null and void. Further, it shall be12Articles (31 - 32) were amended at the EGAM convened on April 16, 201413Article (34) were amended at the EGAM convened on April 16, 2014


permissiblefortheShareholdertoauthorizeanotherpersontoattendthemeetingbyaspecialproxyorauthorizationpreparedbytheCompanyforsuchpurpose.

ItshallbepermissibleforanypersonclaimingrightsoversharesincontrarytowhathasbeenestablishedbytheCompany’sshareholderregistertoapplyforthejudgepro tempore for the issuanceof anorder onpetition todepriveof thedisputedsharesfromvotingforaperiodspecifiedbythejudgeoruntilthedisputesubjectissettledbythecompetentcourtinaccordancewiththeproceduresprescribedbytheCivilandCommercialProceduresLaw.

Article (35)TheShareholdersshall register theirnames inaspecial registerpreparedat theCompany’sheadofficeatleast24(twenty-four)hourspriortothedatespecifiedfor the General Assembly; the special register must include the name of theShareholder, the number of shares owned and the number of shares that arerepresentedwiththenamesoftherespectiveownersandacopyoftheproxy.

The Shareholder is given an invitation card to attend themeeting inwhich thenumberofeligiblevotes-inpersonorbyproxy-isstated.

Article (36)TheCommercialCompaniesLawprovisionsshallapplytothequorumoftheGeneralAssemblyMeetinginallrespectsandtothemajorityrequiredforanyresolution.

Article (37)VotingintheGeneralAssemblyshallbeinthemannerspecifiedbythePresidentofthemeeting,unlesstheGeneralAssemblydecidestovoteinaspecificway.

VotecastingmustbemadeinsecretballotwhenelectingofthemembersoftheBoardofDirectorsorintheimpeachmentofmembership.

Article (38)Withinone(1)monthoftheclosingofsubscription,thefoundingShareholdersshallcalltheGeneralAssemblytoconveneasaconstituentassembly.Theyshallsubmita reportonall the incorporationoperationswithsupportingdocuments,andtheGeneralAssemblyshallverifytheauthenticityoftheinformationcontainedthereinand shall approve the Company’sMemorandumandArticles ofAssociation andelecttheMembersoftheBoardofDirectorsandauditorsandthereafterdeclarethelegalincorporationoftheCompany.



Article (39)TheOrdinaryGeneralAssemblyshallconveneatleastonceayearuponacallbytheBoardofDirectorswithinthethree(3)monthsfollowingtheendofthefinancialyearoftheCompany.TheBoardofDirectorsmayalsocalltheAssemblywhenevernecessary. The Board of Directors must call the General Assembly to convenewheneverrequestedbyanumberofShareholderswhoownatleastonetenthofthecapital.

Article (40)TheOrdinaryGeneralAssemblyshallhavepowersoverallmattersrelatedtotheCompany’sbusinessexceptformattersreservedbylaworbythisMemorandumofAssociationfortheExtraordinaryGeneralAssemblyortheConstituentAssembly.

Article (41)TheBoardofDirectorsshallsubmittotheOrdinaryGeneralAssemblyareportthatincludesafullstatementontheworkprogressoftheCompany, itsfinancialandeconomicposition,theCompany’sbalancesheetwithaprofitandlossstatement,astatementontheremunerationgrantedtoBoardmembersandtheauditors,feesalongwithaproposalonthedistributionofprofits.

Article (42)TheOrdinaryGeneralAssemblydiscussestheBoardofDirectorsreportanddecidesaccordingly. TheOrdinaryGeneralAssembly also looks into theAuditors’ report,electsBoardmembers,appointstheAuditorsfortheyearaheadandapprovestheAuditor’sfees.

Article (43)14

TheExtraordinaryGeneralAssemblymeetsuponacallbytheBoardofDirectors,oruponasubstantiatedrequestofShareholdersrepresenting15(fifteen)percentoftheCompany’sissuedcapitalorattherequestoftheMinistryofCommerceandIndustry.TheBoardofDirectorsmustcallfortheExtraordinaryGeneralAssemblytoconvenewithin30(thirty)daysfromdateoftherequest.

If the Board fails to call the General Assembly for ameeting during the periodspecifiedintheprecedingparagraph,thentheMinistryofCommerceandIndustrymaycallforthemeetingwithinaperiodof15(fifteen)daysfromthedateoftheexpirationoftheperiodreferredtointheprecedingparagraph.


Article (44)15

Taking into consideration the other powers stipulated by law, the ExtraordinaryGeneralAssemblyshallconsiderthefollowingitems:

1. TheAmendmentoftheCompany’sMemorandumofAssociation.2. ThesaleofthewholeprojectforwhichtheCompanyhasbeenestablishedor

thedisposalthereofbyanyothermanner.3. Thedissolution,merger,transformationordivisionoftheCompany.4. TheincreaseordecreaseoftheCompany’scapital.

Article (45)15

SubjecttotheprovisionsoftheCompaniesLawNo.25of2012,asamended,theCompanyshallhavetwo(2)auditorsappointedbytheOrdinaryGeneralAssembly;theCompanyFoundersmayappointone(1)AuditorormoreuntiltheConstituentAssemblyconvenes.

TheBoard ofDirectorsmay, in exceptional and urgent circumstanceswhere theappointedAuditorbytheGeneralAssemblydoesnotproceedwithprovidingtheservicesforanyreason,appointareplacementprovidedthatthesameisreferredtotheGeneralAssemblyinitsfirstcomingmeeting.

Article (46)ThefinancialyearfortheCompanyshallstartonJanuary1andendsonDecember31ofeachyearwiththeexceptionofthefirstfinancialyearoftheCompanywhichshallstartfromthedatetheCompanyisdeclaredaslegallyincorporatedandshallendonDecember31ofthefollowingyear.

Article (47)The Auditor shall have the powers and obligations set forth in the CommercialCompanies Law. The Auditor shall have the right to inspect all the Company’sledgers,registersanddocumentsatanytime,andrequestinformationwhichtheAuditor deems necessary. The Auditor may also inspect the Company’s assetsand liabilities. In case the Auditor cannot use these powers, the same shall bedocumented inwriting in a report and submitted to the Board of Directors andthenpresentedtotheGeneralAssembly.TheAuditormayalsoinvitetheGeneralAssemblytoconveneforthispurpose.



Article (48)TheAuditor shall submit to theGeneralAssembly a report statingwhether thebalancesheetandtheprofitandlossaccountsare inaccordancewiththeactualfinancialsituationoftheCompanyandreflectsclearlyandhonestlytherealfinancialposition of the Company and whether the Company maintains a proper bookkeepingandwhethertheinventorywascarriedoutinaccordancewiththerulesandregulationsinforce,andwhetherthedisclosurecontainedinthereportoftheBoardofDirectorsareconsistentandconformwithwhatiscontainedintheCompany’sledgers, and whether there were violations to the provisions of the Company’sstatuteortotheprovisionsofthelawthathadoccurredduringthefinancialyearinamannerthataffectstheactivitiesoftheCompanyoritsfinancialposition.TheAuditorshallalsodeclarewhetherthesaidviolationsarestillconcurrent;accordingtotheinformationthatwasmadeavailabletohim.

TheAuditorshallberesponsibleforthevalidityandveracityofthedatacontainedin the report in his capacity as the attorney of all the Shareholders. During theGeneral Assembly, each Shareholdermay discussmatterswith the Auditor andrequestclarificationsregardinghisreport.

Article (49)16

A percentage, determined by the Board of Directors after consulting with theAuditor,shallbedeductedfromthegrossprofitsforthedepreciationofassetsorcompensationofthedevaluingthereof.Suchamountsshallbeusedtopurchasenecessary materials, machinery and facilities or for the maintenance thereof.However,saidamountsmaynotbedistributedtotheShareholders.

Article (50)Netprofitsshallbedistributedasfollows:

1. 10%(Tenpercent)shallbedeductedandallocatedtothestatutoryreserveaccount.

2. 10%(Tenpercent)shallbedeductedandallocatedtothevoluntary reserveaccount. This deduction may be suspended by resolution of the OrdinaryGeneralAssemblyupontheproposaloftheBoardofDirectors.

3. PartoftheprofitsshallbedeductedupontheproposaloftheBoardofDirectorsandapprovedbytheOrdinaryGeneralAssemblytomeettheobligationsoftheCompanyundertheLaborLaws,andsuchamountsmaynotbedistributedtotheShareholders.



4. Anamountshallbedeductedtoensurethedistributionofthefirststakeofdividedof5%(Fivepercent)fortheShareholdersfortheirpaidupcapital.

5. Following the above deductions, a maximum of 10% (Ten percent) of theremainingamountshallbeallocatedasremunerationtotheBoardofDirectorsprovidedthesameisapprovedbytheOrdinaryGeneralAssembly.

6. Afterwards, followingaproposal fromtheBoardofDirectors, the remainingearningsshallbedistributedtotheShareholdersasanadditionalshareintheprofits or carried forward to the following year or for the establishment ofextraordinaryappropriatedfundsasareserveordepreciation.

Article (51)ThedividendsshallbepaidtotheShareholdersatthetimeandplacedeterminedbytheBoardofDirectors.

Article (52)CashreservesshallbeusedinthebestinterestsoftheCompanyuponaresolutionfromtheBoardofDirectors.ThestatutoryreservemaynotbedistributedtotheShareholders,however,itmaybeusedtoprovideforthedistributionofdividendstotheShareholdersofupto5%(Fivepercent)fortheyearswheretheCompany’sprofitsarenotsufficientforprovidingthislimit.

Article (53)TheCompany’scashfundsshallbedepositedwithoneorseveralbanksdesignatedbytheBoardofDirectorsandtheBoardofDirectorsshalldeterminethemaximumlimitofcashthatmaybekeptbythecashierintheCompanysfund.


Third ChapterExpiration & Liquidation of the Company

Article (54)TheCompanyshallexpireontheoccurrenceofoneoftheeventssetforthintheCommercialCompaniesLaw.

Article (55)TheCompany’s assets shall be liquidatedupon theexpiry thereof in accordancewiththeprovisionsoftheCommercialCompaniesLaw.

Article (56)17

AllmatterswhichhavenotbeencoveredintheCompany’sMemorandumortheseArticlesshallbesubjecttotheprovisionsoftheCompaniesLawNo.25of2012,asamended.

Article (57)18

AresolutionmaybepassedbytheExtraordinaryGeneralAssembly,toincreasetheauthorizedcapitaluponasubstantiatedproposalmadebytheBoardofDirectorsandtheAuditor’sreportregardingthesame,providedthattheresolutionissuedontheincreaseofthecapitalshallincludetheamountandmethodofsuchincrease.

It shallnotbepermissible to increase theauthorizedcapitalunless thevalueoftheoriginalshareshasbeenpaidinfull.TheExtraordinaryGeneralAssemblymayauthorizetheBoardofDirectorstodeterminethedateoftheexecutionthereof.

Article (58)18

Thecapitalincreaseshallbecoveredbysharespaidinoneofthefollowingmethods:

1. Listingtheincreasedsharesforpublicsubscription.

2. Transferring funds tosharecapital fromthevoluntary reserves,or fromtheearnings,orfromtheexcessovertheminimumstatutoryreserves,requirement.

3. ConvertingCompany’sdebt,bonds,orinstrumentsintoshares.

17Articles (56) was amended at the EGAM convened on April 16, 201418Articles (57 - 58) were added at the EGAM convened on April 16, 2014


4. Submittingin-kindcontribution.

5. IssuingnewsharesallocatedfortheintroductionofanewpartnerorpartnerspresentedbytheBoardofDirectorsandapprovedbytheExtraordinaryGeneralAssembly.

6. AnyothermethodsregulatedbytheExecutiveBylaws.

Inallcases,thenominalvalueoftheincreasedsharesmustbeequaltothenominalvalueoftheoriginalshares.

Article (59)19

If the increase of the capital is determined by listing shares for public offering,thentheShareholdersshallhavethepriorityrighttosubscribetothenewsharesinproportionatetothenumberofsharesownedbyeachofthemwithin15(Fifteen)daysofthedateofbeingnotifiedassuch.

AShareholdermayassignhisrightofprioritytoanotherShareholderortoathirdpartyforfinancialconsiderationorforfreeinaccordancewiththeagreementmadebetweensuchShareholderandtheassignee.

Article (60)19

Iftheincreasedsharesofcapitalarelistedforpublicoffering,thepublicshallbeinvitedtosubscribeuponaprospectusthatincludestheinformationandmeetstheproceduressetforthintheCompaniesLawNo.25of2012,asamended.

Article (61)19

Ifthe increasedsharesofcapitalwerenotcovered,thepartywhichresolvedtheincrease,maydecidetoeitherretractthecapitalincreaseorsufficewiththesharesthatweresubscribedfor.

Article (62)19

ItshallnotbepermissiblefortheChairmanoraMemberoftheBoardofDirectors,eveniftheyrepresentanaturalorlegalperson,toexploittheinformationobtainedbyvirtueoftheirpositionnortoobtainabenefitforthemselvesorothers.Further,theymaynotdispose,bywhatsoeverwayofthesharesoftheCompanyinwhichtheyaremembersofitsBoardofDirectorsforthedurationoftheirmembership,unlesstheyobtainetheapprovaloftheCapitalMarketAuthority.

19Articles (59 - 60 - 61 - 62) were added at the EGAM convened on April 16, 2014


Article (63)20

TheMembersoftheBoardofDirectorsshallnotdisclosetotheShareholders,otherthanintheGeneralAssemblymeetings,ortoothers,anyoftheCompany’ssecretsobtained thereby due to the undertaking of themanagement of the Company;in the case of such violation, the Member shall be removed and held liable tocompensationforthedamagesresultingfromtheviolation.

Article (64)20

TheChairmanoftheBoardofDirectorsoranyMembersoftheBoardshouldnotbeamemberoftheBoardofDirectorsoftwo(2)competingcompanies,ortoparticipateinanyworkwhichmaycompetewiththeCompanyortotradefortheirownaccountortheaccountofothersanancillaryactivitypracticedbytheCompany;otherwise,theCompanymayclaimforcompensationorconsiderthetransactionsconductedfortheirownaccountasiftheywereconductedfortheCompany’saccount,unlesssuchactionsweremadefollowingtheapprovaloftheOrdinaryGeneralAssembly.

Article (65)20

TheBoardofDirectorsmaydistributetheworkamongitsMembers,accordingtothe nature of the Company’s activities, and theBoardmay authorize one of itsMembersora committee fromamong itsMembersora thirdparty to carryoutcertainactivityormoreortosuperviseanyaspectoftheCompany’sactivities,ortoexercisecertainpowersorresponsibilitiesassignedtotheBoard.

Article (66)20

Any Shareholder, whether a natural person or legal person, may appointrepresentatives in the Board of Directors of the Company in proportionate tothe shares owned thereby; the number of theBoardMembers selected by suchmethodshallbedeductedfromthetotalMembersoftheBoardwhoareelected.However, Shareholderswho have representatives in the Board of Directors shallnotparticipatewiththeotherShareholdersintheelectionoftherestoftheBoardMembers,excepttotheextentofwhatexceedstheratiousedintheappointmentoftherepresentativesthereofontheBoard.Furthermore,anumberofShareholdersmayjointlyappointonerepresentativethereoformoreontheBoardproportionatetotheircombinedownership.



These representativesshallhave thesame rightsandobligationsas theelectedMembers.

TheShareholdershallbeliabletowardstheCompany,itscreditorsandShareholdersfortheactsoftherepresentativesthereof.

Article (67)21

IfavacancyoccursintheBoardofDirectorsitshallbesucceededbytheShareholderwhoobtainedthemostvotesbutfailedtowinthemembershipof theBoardofDirectorsinthelastelection.Ifthereisanyimpediment,theShareholdershallbesucceeded by the followingShareholderwith themost votes. The newMembershallonlycompletethetermofhispredecessor.

However, if the vacant positions amount to a quarter of the original positions,thentheBoardofDirectorsmustcall theGeneralAssemblytoconvenewithinaperiodof2(two)monthsfromthedateofthevacancyofthelastpositionandelectwhomeverissuitableforfillingthevacantpositions.

Article (68)21

TheShareholderwhohasarepresentativeontheBoard,orfortheChairmanoranyoftheMembersoftheBoardofDirectorsoraMemberoftheExecutiveManagementandtheirspousesorrelativesuntiltheseconddegreeshouldnothaveadirectorindirectinterestinthecontractsandactivitiesconcludedwiththeCompanyoronitsbehalf,unlessauthorizedbytheOrdinaryGeneralAssembly.

Article (69)21

TheCompanyshouldnotlendanyofitsBoardofDirectorsMembersortheChiefExecutiveOfficerortheirspousesorrelativesuntiltheseconddegreeortheirprivatecompanies,unlessthereisanauthorizationfromtheOrdinaryGeneralAssemblyoftheCompany.AnyactioninviolationofsuchprovisionshallnotbeenforcedagainsttheCompanywithoutprejudicetotherightsofothersingoodfaith.

Article (70)21

The liability set forth in the precedingArticle shall be either a personal liabilityrelatedtoaparticularMember,orjointlyamongalltheMembersoftheBoardofDirectors.



in the latter case, all theMembers shall be jointly liable to pay compensation,exceptforsuchMemberwhoobjectedtothedecisionthatresultedintheliabilityandprovidedthesameisrecordedintheMinutes.

Article (71)22

The Company may file a liability claim against the Members of the Board ofDirectorsduetothefaultsresultingindamagestotheCompany;iftheCompanyisinliquidation,theliquidatorshallundertakefilingsuchclaim.

Article (72)22

AnyShareholdermayindividuallytakelegalactiononbehalfoftheCompanyiftheCompanyfailstotakesuchaction,andinthiscasetheCompanymustbemadepartoftheclaimsothatacompensationmayberuledtheretoifapplicable.ItshallbepermissibleforaShareholdertoclaimforcompensationifthefaulthascausedhimharm.Anyagreementtothecontraryshallbenullandvoid.

Article (73)22

Themeeting of the General Assembly shall be chaired by the Chairman or ViceChairmanorthemembersdelegatedbytheBoardofDirectorsforsuchpurpose,oriselectedbytheGeneralAssemblyfromtheShareholdersorothers.

Article (74)22

ItshallnotbepermissiblefortheGeneralAssemblytodiscusstopicsthatarenotincludedintheAgenda,exceptforurgentmattersthatoccurredaftertheAgendawaspreparedor revealedduring themeeting,or if requestedbyany regulatorypartyorauditororanumberofShareholderswhoown5%(Fivepercent)of theCompany’scapital. If,duringthediscussions, it isobservedthatthe informationrelated to someof the issues presentedwas insufficient, themeetingmust bepostponed for a period not exceeding 10 (Ten) working days, if requested by anumberofShareholdersrepresentingonequarteroftheissuedsharecapital,andthedeferredmeetingshallbeheldwithouttheneedtofollowtheprocedurestocallforanewmeeting.

Article (75)22

Itshallbepermissible,bydecisionissuedbytheOrdinaryGeneralAssemblyoftheCompany, todismiss theChairmanoroneormoreof theBoardmembers,or todissolvetheCompany’sBoardofDirectorsandelectanewBoarduponaproposal22Articles (71 - 72 - 73 - 74 - 75) were added at the EGAM convened on April 16, 2014


submittedbyanumberofShareholderswhoownnotlessthanonequarteroftheCompany’sissuedcapital.

Whena resolution ispassed todismiss theBoardofDirectorsandanewBoardcouldnotbeelectedatthesamemeeting,theGeneralAssemblymayeitherresolvethat this dissolvedBoard shall continue executing theCompany’s affairs until anewBoardiselected,ormayappointatemporaryAdministrativeCommitteewhoseprimarymissionshallbetoinvitetheGeneralAssemblytoelectanewBoardwithin1(one)monthofitsappointmentthereof.

Article (76)23

TheprovisionsofArticles258toArticle264stipulatedintheCompaniesLawNo.25of2012,asamended,anditsExecutiveBylawsshallapply.

Article (77)24TheBoardofDirectorshasbeenauthorizedtosellorpurchasetheCompany’sshareswithintheratesstipulatedbylawandministerialregulationsissuedinthisregard.ThefinancingoftheCompany’spurchaseof itsownshares shallbemadefromfinancingresourcesapprovedbytherelatedregulatoryauthority,andtheCompanymaypurchaseitssharesinthefollowingcircumstances:

1. MaintainingthestabilityoftheCompany’sSharepricewhilstnotexceedingthepercentagesoftheaccumulatedsharesasdeterminedbytheCMA.

2. Reductionofthesharecapital.

3. MeetingaCompanydebtagainstsuchshares.

4. Distribution of share dividend to Shareholders without an increase in thecapitalorthenumberofsharesissued.

5. AnyothercasesasdeterminedbytheCMA.

TreasurySharesshallnotbetakenintoaccountforcalculatingthequorumofthegeneral meeting and the voting on the resolutions thereof. All of this shall besubjecttotherelatedrulesandinstructionsissuedbyCMAinthisrespectregardingtheuse,managementanddisposalthereof.23Article (76) was added at the EGAM convened on April 16, 201424Article (77) was added at the EGAM convened on April 7, 2016


Article (78)25

Withoutprejudiceto theCMALawNo.7of2010asamended,and itsExecutiveBylaws and in order to source and retain competent and qualified employeesat theCompanyandenhance their loyalty, theBoardofDirectors shallhave theright to introduceaplanentitled (EmployeeShareOptionsProgram)taking intoconsiderationthefollowing:

1. To meet the Company’s obligations under the Employees Share OptionsProgram, the share capital of theCompanymaybe increasedprovided thatthetotalincreaseinthepaidsharecapitaldoesnotexceed10%(Tenpercent)overamaximumperiodof 10 (Ten)years fromthedateofcommencingtheapplicationoftheaforementionedprogram.

2. The Board of Directors’ annual report to the shareholders shall include thelevelsofemploymentpositionsandthenumberofsharesthataregoingtobeallocatedtoeachlevel.

3. The Employee Share Option Program shall be presented to the GeneralAssemblyforapproval.

25Article (78) was added at the EGAM convened on April 7, 2016