With reference to what has been reported by a news agency with regards to the progress on the acquisition of Khaleeji Commercial Bank B.S.C. (“KHCB”), GFH would like to confirm that it has submitted to KHCB’s board a letter of intent and its planning to submit the firm intention and offer document during Q3 2021. Once the firm intention is submitted, GFH anticipates the voluntary takeover offer to be concluded during the course of this year, subject to receipt of all necessary regulatory, board and shareholders approvals.