MEDGULF Appoints Rakan Abunyan as Chairman, Youssef Al Yousefi as Vice-Chairman of BOD

The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) announced on Thursday the board resolutions dated on 15/06/2022 regarding appointment of the Chairman and Vice-Chairman of the Board of Directors, formation of the Board committees for the period that started on 08/05/2022 until 07/05/2025 as following:

First: Appointment of Mr. Rakan Abunyan as Chairman of the Board (non- Executive member)

Second: appointment of Mr. Youssef Al Yousefi as Vice Chairman (independent)

Furthermore, the Board approved the formation of the Executive Committee, the Nomination and Remuneration Committee, the Risk Committee and the Investment Committee as follows:

Third the Executive Committee:

1. Mr. Abdulmajed Al-Meshaal, Chairman of the Executive Committee (independent)

2. Mr. Muhannad Al Rasheed, (independent) External member,

3. Mr. Rakan Abunyan, (non- Executive member)

Forth the Nominations and Remunerations Committee:

1. Mr. Youssef Al-Yousefi, Chairman of Nominations and Remunerations Committee, (independent)

2. Dr. Ahmed bin Ahmed member (independent)

3. Mr. Abdurrahman Al-Rawaf (non- Executive member)

4. Mr. Rob Hendriks (independent) External member.

Fifth the Risk Committee:

1. Ms. Monirah Al-Swaydani, Chairman of Risk Committee (non- Executive member)

2. Mr. Faisal Al-Jasser, (independent) External member

3. Mr. Abdulaziz Al-Zamam (independent) External member

Sixth Investment Committee:

1. Mr. Abdulmajed Al-Meshaal, Chairman of Investment Committee (independent).

2. Mr. Abdulrahman Al-Rawaf (non- Executive member)

3. Mr. Youssef Al-Yousefi member (independent)

Seventh appointment Mr. Mohammed Al-Oyaidi as Chairman of the Audit Committee and Dr. Ahmed bin Ahmed is an independent member from the Board. This appointment will be presented to the upcoming ordinary general assembly for approval, Moreover, the formation of the Audit Committee was approved by the General Assembly that was held on 0 08/05/2022, and it is as follows:

1. Mr. Mohammed Al-Oyaidi. (independent) External member

2. Mr. Abdulaziz Al-Hashimi. (independent) External member

3. Mr. Mohammed Al-Jaafari. (independent) External member

4. Mr. Mohammed Al-Ghamdi (independent) External member