Saudi Arabian Oil Company Extraordinary General Assembly Meeting Results (7882Y)

TIDM64EZ

RNS Number : 7882Y

Saudi Arabian Oil Company

09 May 2023

SAUDI ARABIAN OIL COMPANY

RESULTS OF THE 2023 EXTRAORDINARY GENERAL ASSEMBLY MEETING (FIRST MEETING)

Type of the General Extraordinar y
Assembly's Meeting
Number of invitations First Meeting
to
the General Assembly
Meeting
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Announcement Title Saudi Arabian Oil Company (Saudi Aramco) Announces
the Results of the Extraordinar y General
Assembly Meeting, which included approving
the increase of the Company's capital (First
Meeting)
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Introduction Saudi Arabian Oil Company (Saudi Aramco) announces
the results of its Extraordinary General Assembly
Meeting (First Meeting).
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City and Location of Through modern technology means from the Company's
the headquarters in Dhahran (through Tadawulaty
General Assembly's system)
Meeting
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Date of the General 18/10/1444H corresponding to 08/05/2023G
Assembly's Meeting
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Time of the General
Assembly's Meeting 18:30
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Percentage of Attending
Shareholders 98.62%
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Names of the Board of The following board members attended the Extraordinary
Directors' Members Present General Assembly Meeting:
at the General Assembly's
Meeting and Names of
the HE Yasir O. Al-Rumayyan (Chairman)
Absentees
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
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Names of the Chairmen Mr. Andrew N. Liveris (Chair of the Nomination
of Committee)
the Committees Present
at Ms. Lynn L. Elsenhans (Chair of the Audit
the General Assembly's Committee)
Meeting or Members of
such Committees Attending Mr. Peter L. Cella (Chair of the Sustainability,
on Their Behalf Risk and HSE Committee)

Mr. Mark A. Weinberger (Chair of the Compensation
Committee)
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Voting Results on the
Items of the General 1. The Board of Directors Report for the financial
Assembly's Meeting year ended December 31, 2022, was reviewed
Agenda's 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.
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