The Minutes of the General Assembly Meeting, second Meeting of Morse Holding Company (Closed Joint-Stock Company)

held on Thursday, 21/04/1446 AH corresponding to 24/10/2024 AD in Jeddah.

Pursuant to the invitation extended by the Chairman of the Board of Directors to the esteemed shareholders of the company to attend the second ordinary general assembly meeting to discuss the agenda of the ordinary general assembly, the meeting was convened at the company's headquarters in Jeddah on Thursday, 21/04/1446 AH corresponding to 24/10/2024 AD at 10:00 AM under the chairmanship of Dr. Fahd Farouk Hakim. The necessary quorum for the validity of the meeting was declared complete as shareholders representing (50,000) shares, constituting (100%) of the total capital of the company (50,000 shares) were present. Therefore, the assembly was validly held in accordance with Article (92) of the Companies Law. Miss Ruba Jaradi was appointed as the secretary of the assembly. The assembly chairman requested the assembly secretary to read the agenda items, followed by opening the floor for discussion. The shareholders were then asked by the assembly chairman to vote on the agenda items. The voting results were as follows

1- Voting on the unaudited financial results for the first quarter of 2024:

•Total revenues at the end of the first quarter of 2024 amounted to 5,476.15 Riyals, compared to 211,304.34 Riyals at the end of the fourth quarter of 2023, showing a decrease of -97.41%.

•Total expenses at the end of the first quarter of 2024 amounted to 8,717.54 Riyals, compared to 176,858.96 Riyals at the end of the fourth quarter of 2023, showing a decrease of 95.07%.

•Total assets at the end of the first quarter of 2024 were 601,074 Riyals, compared to 611,816 Riyals at the end of the fourth quarter of 2023, showing a decrease of 1.76%.

Net income at the end of the first quarter of 2024 incurred a loss of 3,241.39 Riyals, compared to a profit of 25,040.38 Riyals at the end of the fourth quarter of 2023, showing a decrease of 112.94%.

•Liabilities at the end of the first quarter of 2024 amounted to 16,905.00 Riyals, compared to 24,405.00 Riyals at the end of the fourth quarter of 2023, with a decrease of 30.73%.

•Equity at the end of the first quarter of 2024 was 584,169.30 Riyals, compared to 587,410.69 Riyals at the end of the fourth quarter of 2023, showing a decrease of -0.55%.

2- Cancellation of the memorandum of understanding with the Turkish company Big Mamas due to the project's lack of feasibility.

3- Absolving the members of the board of directors from the financial period ending on 31/03/2024.

The meeting concluded at 10:30 AM, where the chairman of the assembly thanked all attendees for their participation and presence at this meeting.