PROPOSED INVESTMENT STRUCTURE - NIZWA BANK

GLOREI

RO 5,000000 cash
(55% ownership in
SPV)

SPV (LLC) - Capital RO 9,080,000

(3.33% interest in Nizwa Bank)

SHEIK SAIF (PIPE FACTORY)

In -kind 51% Holding in Pipe
Factory (RO 4,080,000) - (45%
ownership in SPV)

RO 5,000000
investment

5,000,000
shares

NIZWA BANK
(150 mn
shares)

Notes:
- The essence/ objective of the structure is to gain 3.33% interest in Nizwa Bank by forming an SPV
- The SPV will be capitalized by RO 5,000,000 in cash by Glorei and in-kind contribution by Sheik Saif Al Maskeri (51% shares of the pipe factory).
- Total book value of pipe factory is RO 8,000,000
- RO 5,000,000 cash in the SPV will be used to acquire 5,000,000 shares in Nizwa Bank
- The ownership in the SPV will be 55% and 45% by Glorei and Sheik Saif Al Maskeri respectively
- The proposed structure is subject to approval by the Boards of each Company