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

Held on Sunday, 24/04/1446H, corresponding to 27/10/2024m, in the city of Jeddah.

Based on the invitation from the Chairman of the Board to the esteemed shareholders to attend the third Ordinary General Assembly meeting to discuss the agenda items of the Ordinary General Assembly, the meeting was held at the company’s headquarters in Jeddah on Sunday, 24/04/1446H, corresponding to 27/10/2024, at 10:00 a.m.The meeting was chaired by Dr. Fahd Farouk Hakim, Chairman of the Board, who announced that the required quorum for the validity of the General Assembly meeting was met, with shareholders representing 50,000 shares, constituting 100% of the company’s total capital of 50,000 shares. Therefore, the assembly was deemed valid in accordance with Article (92) of the Companies Law. Ms. Ruba Jaradi was appointed as the Secretary of the Assembly. The Chairman then requested the Secretary to read out the agenda items. Following this, the Chairman opened the floor for discussion and asked the shareholders to vote on the agenda items. The voting results were as follows:

１-       Voting on the unaudited financial results for the second quarter of 2024.

•           The total revenue for the second quarter reached 17,500 riyals, compared to 5,476.15 riyals in the previous quarter, representing an increase of 219.57%.

•           The total expenses for the second quarter amounted to 49,828.15 riyals, compared to 8,717.54 riyals in the previous quarter, representing an increase of 471.58%.

•           The total assets for the second quarter amounted to 519,246 riyals, compared to 601,074 riyals in the previous quarter, representing a decrease of -13.61%.

•           The net income for the second quarter was a loss of -32,328.12 riyals, compared to a loss of -3,241.39 riyals in the previous quarter, representing an increase of 897.35%.

•           There were no changes to the liabilities section at the end of the second quarter.

·         The equity for the second quarter amounted to 551,841.18 Riyals compared to 584,169.30 Riyals in the previous quarter, showing a decrease of -5.53%.

2-      Contracting with Asdaa for Financial Non-Security Consultancy as an exclusive agent in the Kingdom and abroad until 31/12/2025 to market and represent it before others, execute its operations, and contract on its behalf with its clients, with the knowledge that its ownership belongs to a related

party (Dr. Fahd Farouk Hakim).

3-      Absolving the members of the Board of Directors from the financial period ending on 30/06/2024.

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