Date: 24/12/2020

On Thursday 24/12/2020 the SDC completed the process of decreasing the share capital of (2,500,000) shares of the Share Capital Decrease of the National Oil and Electricity Production from Oil Shale Company to redeem part of the company’s accumulated losses as of 31/12/2019.

Thereby, the SDC records of the Share Capital Decrease of the National Oil and Electricity Production from Oil Shale Company indicates the decrease of its capital from (2,500,000) shares to a registered capital of (2,500,000) shares as a result of the mentioned share capital decrease.

The above mentioned procedure is conducted based upon the company's General Assembly's resolution made in its extraordinary meeting held on 17/8/2020, and upon the approval of the Ministry of Industry, Trade, and Supply on the share capital decrease issued on 22/11/2020.