Masraf Al Rayan Q P S C : Press Release MAR AGM

Press Release

Masraf Al Rayan Shareholders Meeting

Endorses Agenda Items

Doha, 25 March 2024: Masraf Al Rayan Q.P.S.C. ("MAR" and/or "Bank") held the Annual General Meeting ("AGM") and the Extraordinary General Meeting ("EGM") of Shareholders on Monday 25 March 2024.

At the AGM, the shareholders endorsed the financial statements for the fiscal year ended at 31 December 2023 that reflect a Net Profit after Tax of QAR 1452 million.

His Excellency Sheikh Mohamed Bin Hamad Bin Qassim Al-Thani, Chairman of the Board, presented the Board of Directors' report on the Bank's activities and financial position for the year ended 31 December 2023 and plans.

Commenting on the 2023 activities, His Excellency said:

"In 2023 we continued our growth in a challenging environment. This was reflected in an increase of 8% in our net profit and enhanced KPIs. A number of strategic initiatives were launched in line with Qatar national Vision 2023 and to ensure better and sustainable return for our shareholders on the long run. We launched a new IT strategy aiming at transforming the Bank into the digital economy era. We triggered the new Mid-term strategy exercise to embrace the goals and objectives of the Third National Development Strategy. We hope the years to come will bear the fruits of such initiatives. Our commitment to ESG principles remains steadfast in alignment with Qatar's National Environment and Climate Change Strategy. This represents a commitment characterized by deliberate decisions and focused efforts aimed at optimizing shareholder value."

During the meeting, MAR shareholders reviewed and endorsed the respective reports of the Sharia Supervisory Board and the External Auditors on the Bank's accounts. They considered and endorsed the financial statements for the fiscal year ended 31 December 2023 as presented to the meeting and approved the Board's proposal to distribute a cash dividend equal to 10% of the share nominal value i.e. QAR 0.10 per share for the financial year ended 31 December 2023 including the appropriation of the remaining profits as proposed in the audited financial statements.

Furthermore, the shareholders reviewed and endorsed the External Auditor's Report on the requirements of Article (24) of the Corporate Governance Code of Companies and Legal Entities Listed on the Primary Market issued by Qatar Financial Markets Authority concerning the Bank's compliance with the Corporate Governance regulations and Internal Control over Financial Reporting. They also discussed and endorsed the 2023 Corporate Governance Report including the remuneration policy of the Board

and Senior Management. They approved the appointment of Price Waterhouse Coopers as external auditors for the fiscal year 2024 for the second year in a row. Board annual remuneration was agreed and the members absolved from liability as at end 2023.

The shareholders took note of the replacement of Mr. Turki Al Khater by Mr. Ahmed Ali Al Hamadi as representative of the General Authority for Pension and Social Insurances on MAR Board for the rest of the current Board term 2023-2024-2025.

Last but not least, the shareholders took note of the resignation of the Independent Board member Mr. Abdulal Bin Nasser Al Misnad and elected Mr. Abdulla Saad Mohamed Jobara Al Rumeihi to fill-in the vacancy in the Independent seat for the rest of the current Board term 2023-2024-2025.

At the EGM, the shareholders approved the proposed amendments to the Articles of Association of the Bank ("AoA") to comply with the requirements of Qatar Central Bank's Circular No. (2) of 2023 amending certain regulations on corporate governance of banks. The shareholders authorized the Chairman of the Board, Vice Chairman, and/or other Board delegate to complete the necessary formalities in respect of the amended AoA subject to necessary regulatory approvals.

His Excellency Sheikh Mohamed Bin Hamad Bin Qassim Al-Thani concluded:

"I present our sincere gratitude and admiration, on behalf of the Board of Directors and the Bank, to His Highness the Emir, Sheikh Tamim Bin Hamad Al Thani, and to His Highness the Father Emir, Sheikh Hamad Bin Khalifa Al Thani for their continuous support to the Qatari economy and institutions.

The Board also expresses its gratitude to His Excellency Sheikh Mohammed Bin Abdulrahman Bin Jassim Al Thani, the Prime Minister, and Minister of Foreign Affairs for his constant support. Our appreciation is also extended to His Excellency Sheikh Bandar Bin Mohamed Bin Saud Al-Thani, the Governor of Qatar Central Bank, for his dedicated efforts to develop and support Qatar's banking sector particularly in these challenging times and to all regulators, in particular, the Ministry of Commerce and Industry, the Qatar Financial Markets Authority and the Qatar Stock Exchange for their unwavering support. I would like also to thank MAR executive management and all staff for their dedication and efforts during last year.

Finally, I would like to thank our shareholders and customers for their confidence and continued support to MAR.

The AGM and EGM were held at the Ritz Carlton Hotel Doha, and were attended by MAR shareholders, regulators, Board members, management and staff, and other investors and analysts.

- END-

For further information on MAR, please visitwww.alrayan.com.