With reference to the announcement issued by GFH Financial Group on 20th December 2021 regarding the Group’s waiver of the minimum acceptance condition for the acquisition of Khaleeji Commercial Bank (“KHCB”) shares, GFH would like to clarify that the offer to acquire 100% of KHCB’s shares is still valid. Given that the execution of the acquisition offer was conditional to obtaining a minimum acceptance level of 90% (representing 18.93% of the remaining 21.03%), GFH considered that it would be difficult to obtain this acceptance percentage in a short period of time, and accordingly GFH waived this condition and extended the offer period for receipt of the acceptance forms until 4th January 2022. Thus, GFH will acquire the shares of KHCB shareholders whom accepted/will accept the offer, regardless of the acceptance percentage, as on 4th January 2022 (the closing date of the offer).