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The Saudi British Bank announces its intention to update and amend its international Sukuk Programme, establish a local Sukuk Programme and issue Sukuk thereunder

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Introduction The Saudi British Bank (the “Bank”) would like to inform its shareholders of its intention to update and amend its previously established international sukuk programme (the “International Programme”) and establish a local sukuk programme (the “Local Programme” and together with the International Programme, the “Sukuk Programmes”) for the purpose of issuing and offering senior and/or subordinated sukuk including the issuance of Tier II capital-eligible sukuk under each respective programme (the “Sukuk”) in one or more tranches or through one issuance or a series of issuances by way of private placement or public offering inside or outside the Kingdom of Saudi Arabia denominated in U.S. Dollars or any other currencies (in respect of the International Programme) or Saudi Riyals (in respect of the Local Programme) in a total amount for all issuances under the International Programme of up to five billion U.S. Dollars (USD 5,000,000,000) and a total amount for all issuances under the Local Programme of up to five billion Saudi Riyals (SAR 5,000,000,000) or their equivalent at any time.

The Board of Directors of the Bank approved, on 16 Shawwal 1441H (corresponding to 8 June 2020G), the update and amendment of the International Programme, the establishment of the Local Programme. The Board of Directors of the Bank also approved the issuance and offering of Sukuk under the International Programme in aggregate issuance amounts not exceeding the overall size of the International Programme, being the equivalent of up to five billion U.S. Dollars (USD 5,000,000,000) and the issuance and offering of Sukuk under the Local Programme (including the first issuance) in aggregate issuance amounts not exceeding the overall size of the Local Programme, being the equivalent of up to five billion Saudi Riyals (SAR 5,000,000,000), in each case, in one or more tranches and/or series, subject to the market conditions and in line with the Bank's financial and strategic needs as deemed appropriate by the Bank.

Issuance Type Sukuk denominated in U.S. Dollars in respect of the International Programme and denominated in Saudi Arabian Riyals (SAR) in respect of the Local Programme.
Board Resolution Date 2020-06-08 Corresponding to 1441-10-16
Issuance Amount The total value of the International Programme will not exceed five billion U.S. Dollars (USD 5,000,000,000) and the total value of the Local Programme will not exceed five billion Saudi Riyals (SAR 5,000,000,000). The value and terms of issuances under the Sukuk Programmes will be determined subject to the market conditions provided each value does not exceed the overall size of the relevant Sukuk Programme.
Purpose of Issuance To fulfill the Bank’s financial and strategic needs.
Approvals Offers pursuant to the Sukuk Programmes will be subject to the approval of the relevant regulatory authorities, and will be made in compliance with applicable laws and regulations.
Additional Information This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities. The Bank will announce any other relevant material developments to its shareholders in due course.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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