Board of Directors

The members of the Board of Directors shall perform their duties, responsibilities and roles in a proper and clear manner in accordance with the approved policies and procedures as well as in accordance with the approved job descriptions for both the Chairman and the members of the board of Directors of the company, which were developed in a manner that reflects all regulatory requirements.

The Company's Statutes also provide for the absolute non-unilateralism of the authorities of certain party in order to facilitate the process of accountability of the Board of Directors by the shareholders of the company.

The Board shall be administered by five members elected by the General Assembly by secret ballot, consisting of a majority of non-executive members and including independent members, provided that the number of independents does not exceed half of the members of the Board of Directors. The Board of Directors shall hold at least six meetings a year.

The main role of the Board of Directors includes, but not limited to:

• Review, approve and guide business strategies, business plan and budgets as developed by the management.

• Monitor the performance of the company as well as the performance of Senior Management and ensure the adoption of policies and procedures.

• Review and assess current and future opportunities and risks in the context of influential external and market factors, as well as current and future strengths and weaknesses.

• Attend the Annual General Assembly Meeting and address shareholder matters.

• Promote the principle of equality in all transactions with shareholders and stakeholders.

• Promote the highest standards of corporate governance in line with Capital Markets Authority (CMA) regulations and best practices.

• Ensure that financial systems, internal control and risk management are robust and effectively implemented.

• Work with the highest standards of integrity and efficiency in order to protect the company's goodwill.

• Adherence to the company's Code of Conduct at all times, especially with respect to avoiding conflicts of interest.