Saudi Arabian Oil Company (Saudi Aramco) Announces the Results of the Extraordinary General Assembly Meeting, which included approving the increase of the Company’s capital (First Meeting)

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1444/10/19     09/05/2023 09:14:09

Element ListExplanation
Introduction Saudi Arabian Oil Company (Saudi Aramco) announces the results of its Extraordinary General Assembly Meeting (First Meeting).
City and Location of the Extraordinary General Assembly's Meeting Through modern technology means from the Company’s headquarters in Dhahran (through Tadawulaty system).
Date of the Extraordinary General Assembly's Meeting 2023-05-08 Corresponding to 1444-10-18
Time of the Extraordinary General Assembly's Meeting 18:30
Percentage of Attending Shareholders 98.62%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees The following board members attended the Extraordinary General Assembly Meeting:

HE Yasir O. Al-Rumayyan (Chairman)

HE Dr. Ibrahim A. Al-Assaf (Vice Chairman)

HE Mohammed A. Al-Jadaan

HE Mohammad M. Al-Tuwaijri

Mr. Andrew N. Liveris

Ms. Lynn L. Elsenhans

Mr. Peter L. Cella

Mr. Mark A. Weinberger

Mr. Stuart T. Gulliver

Mr. Khalid H. Al-Dabbagh

Mr. Amin H. Nasser

Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf Mr. Andrew N. Liveris (Chair of the Nomination Committee)

Ms. Lynn L. Elsenhans (Chair of the Audit Committee)

Mr. Peter L. Cella (Chair of the Sustainability, Risk and HSE Committee)

Mr. Mark A. Weinberger (Chair of the Compensation Committee)

Voting Results on the Items of the General Assembly's Meeting Agenda's 1.The Board of Directors Report for the financial year ended December 31, 2022, was reviewed and discussed.

2.The Financial Statements for the financial year ended December 31, 2022, were reviewed and discussed.

3.The Auditor’s Report for the financial year ended December 31, 2022, was discussed.

4.Approval of the Board of Director’s recommendation to increase the Company’s capital by way of granting bonus shares through the capitalization of 15,000,000,000 Saudi Riyals from the Company’s retained earnings in the following manner:

­- The increase in capital will be made by capitalizing an amount of 15,000,000,000 Saudi Riyals from the Company’s retained earnings. The shareholders will be given one (1) share for every ten (10) shares owned in Saudi Aramco.

­- The share capital of the Company before the increase is seventy-five billion Saudi Riyals (SAR 75,000,000,000), and after the approval, it will be ninety billion Saudi Riyals (SAR 90,000,000,000). The percentage increase of the share capital is: 20%.

­- The number of shares before the increase is two hundred and twenty billion (220,000,000,000), and after the increase it will become two hundred and forty-two billion (242,000,000,000) shares.

­- By increasing its capital, the Company aims to maximize total returns for its shareholders through the distribution of sustainable and progressive dividends, in line with future prospects, underlying growth in free cash flow, and long-term value creation through investments in available opportunities.

­- In case there are any fractional shares as a result of the capital increase, the fraction shares will be grouped into a single portfolio on behalf of all of the Company’s shareholders who would otherwise have been entitled to receive such fractional shares, and sold at the market price and subsequently distribute the net cash proceeds to their respective fractional entitlements within 30 days from the date of determining the shares due to each shareholder.

­- The shareholders registered in the Company's shareholders register with the Securities Depository Center Company (Edaa) by the end of the second trading day following the date of the Extraordinary General Assembly meeting, will be eligible for the bonus shares.

­- Amending Article (6) of the Saudi Aramco’s Bylaws relating to the capital.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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