Corporate Governance Report

Salik Company PJSC (‘Salik’)

Procedures taken to complete the corporate governance sytem during 2025, and method of implementing thereof.

The Board of Directors (the ‘BOD’) adopted Salik Company PJSC ‘the Company’ or ‘Salik’) corporate governance framework and the BOD’s charter with its subsequent amendments of 2025, which comply with all main requirements and provisions of the Chairman of Authority’s Board of Directors’ Decision no. (3/Chairman) of 2020 concerning approval of Joint Stock Companies (the ‘Governance Guide’) and its subsequent amendments, especially decision No. (2/R.M) of 2024.

As for the method used to implement the Governance Guide provisions, the Company implemented various policies adopted by the Company Board of Directors taking into account the interests of the Company, shareholders and all other stakeholders, as follows:

A. Board of Directors

The composition of the Board of Directors and its terms of reference comply with the requirements of the UAE Capital Market Authority (CMA) Governance Guide, Commercial Companies Law No. 32 of 2021, the Articles of Association of the Company (AOA’), as well as other relevant laws, regulations and subsequent amendments.

Salik adheres to the terms of reference set out by the Board of Directors in relation to its composition, operating procedures and responsibilities, these being:

1. The Board of Directors is responsible for governing the Company’s strategic direction and overseeing its risk management framework, internal control systems, management performance, and corporate ethics and values. The Board supervises the conduct of the Company’s business and provides overall oversight of management. The Board also oversees the effectiveness of the Company’s internal audit, risk management, and compliance functions.
2. The Board appoints the Chief Executive Officer (CEO) and oversees the appointment, performance, and succession planning of Executive Management, ensuring that appropriate leadership structures are in place for the effective management of the Company.
3. The Board is responsible for establishing and overseeing the Company’s corporate governance framework and ensuring that governance practices support the achievement of the Company’s short‑, medium‑, and long‑term objectives in the interests of the Company and its shareholders.
4. The Board ensures that the Company carries out its objectives and activities in accordance with its Articles of Association and applicable laws and regulations.
5. The Board approves and oversees the implementation of key policies, frameworks, and practices governing the management, control, and monitoring of the Company’s operations and risks, ensuring effective decision‑making and accountability.
6. The Board provides guidance, direction, and oversight to Executive Management and makes its collective expertise, experience, and independent judgment available to support the sustainable growth and performance of the Company.
7. The Board is responsible for ensuring compliance with applicable corporate governance laws, regulations, and standards, including the Corporate Governance Code applicable to public joint stock companies listed in the United Arab Emirates.
8. The Board may delegate certain authorities and responsibilities to its committees, individual Board members, or Executive Management in accordance with an approved Delegation of Authority matrix. Any such delegation is subject to the limits set out in the Articles of Association and applicable laws and regulations and does not absolve the Board of its overall accountability.
9. During the year 2025, the independent members of the Board confirmed their continued independence, and the Company verified compliance with the legal and regulatory requirements relating to the minimum number of independent Board members.

B. Committees of the Board of Directors

The Board of Directors established three (3) committees as of 31 December 2025, as follows, and each Board committee acting in accordance with its own terms of reference:

1. Audit Committee
2. Nomination, Remuneration and ESG Committee
3. Investment Committee

C. Internal Control

1. The Board of Directors has established an internal control system to evaluate the means and procedures for operational issues, risk management and the implementation of the CMA Governance Guide.
2. The Board will monitor and request verification of compliance by the Company and its employees with applicable laws, regulations and resolutions that govern its operations, as well as internal procedures and policies, and the review of financial information.
3. The Audit Committee assists the Board in overseeing the application of the internal control system. The Board of Directors annually reviews the Company’s internal control system.

D. Code of Conduct

1. Upon its incorporation, Salik adopted a Code of Conduct setting out the Company’s core values and ethical principles. The Code was subsequently amended in 2025 to ensure its continued relevance and alignment with applicable laws, regulations, and governance best practices. The Code is intended to promote a culture of integrity, accountability and ethical behavior across the Company.
2. The Code of Conduct applies to all members of the Board of Directors and employees of Salik. The Board, as part of its governance responsibilities, takes the necessary steps, to the extent applicable, to ensure that contractors, consultants, business partners, suppliers, and other parties who work with or represent Salik uphold ethical standards consistent with those of the Company.

E. Dealing in Company securities

1. The Board of Directors has established formal policies and procedures governing the trading of securities by Board members, employees, and all insiders. This includes a specific Insider Trading Policy designed to regulate transactions in the Company’s securities. These rules are fully aligned with the applicable Capital Market Authority (CMA) regulations, including, but not limited to, CMA Authority Decision No. 2/2001.
2. Ownership and transactions of the Board of Directors, their spouses and their children’s transactions in company securities during 2025:

Composition of the Board of Directors:

A. Formation of the current Board

During the reporting period, changes occurred in the composition of the Board of Directors following the expiry of the term of the Board initially appointed pursuant to Executive Council Decision No. (34) of 2022, which was issued for a period of three years. Upon the conclusion of this term in April 2025, the Company’s shareholders, at the Annual General Meeting held on 9 April 2025, elected a new Board of Directors in accordance with applicable laws, the Company’s Articles of Association, and relevant regulatory requirements.

The new Board includes the reelection of H.E. Mattar Al Tayer as Chairman and Mr. Abdulmohsen Kalbat as Vice Chairman, while H.E. Al Lengawi continued to serve as a member of the Board.

Experience, Qualifications and Membership in any Government Entities of Salik’s Board of Directors:

B. The percentage of female representation on the Board for 2025

Ms. Moaza Saeed Al Marri is the female representative on the Board of Directors for the year 2025. She was elected as a Board Member to the Board of Directors of SALIK Company PJSC as per the AGM resolution issued on April 9, 2025.

C. Remunerations Statements

1. Total remunerations paid to Board members for 2025

   The total remuneration of the Board members (executive and non‑executive) of the Company for the year 2024 was paid as approved by the annual general meeting of the Company held on 9 April 2025 and set out in 2024 Corporate Governance Report of the Company for ↨ 4,700,000.00.

2. Total remunerations of the Board members, which are proposed for 2025

   And will be presented in the Annual General Assembly meeting for approval in line with the Board Remuneration Policy of the Company and the articles of association of SALIK, and which remuneration is subject to approval by the Annual General Meeting of the Company for a total amount of ↨ 4,950,000.00. This total remuneration has to be paid to all 7 independent members of the Company.

3. Details of the allowances for attending sessions of the committees emanating from the Board, which were received by Board members for fiscal year 2025:

   Name	Position	Fees (↑)	No. of Meetings	Total (↑)
   Audit Committee:
   Jan – April 2025
   Mr. Abdulmuhsen Ibrahim Kalbat	Chairman	15,000	2	30,000
   H.E. Mohammed Abdulrahman Alhawi	Vice‑Chairman	10,000	2	20,000
   H.E. Mohammed Lengawi	Member	10,000	2	20,000
   Dr. Ayesha Bin Lootah	External Member	10,000	2	20,000
   April – May 2025
   Mr. Abdulmuhsen Ibrahim Kalbat	Chairman	15,000	1	15,000
   May – December 2025
   Mr. Abdulla Al Madani	Chairman	15,000	3	45,000
   H.E. Mohammed Abdulla Lengawi	Vice‑chairman	10,000	4	40,000
   Mr. Faisal Belhoul	Member	10,000	4	40,000
   Dr. Ayesha Bin Lootah	Member	10,000	4	40,000
   Nomination, Remuneration and ESG Committee:
   Jan – April 2025
   Mr. Mohammad Yousuf Al‑Mudarreb	Chairman	15,000	3	45,000
   H.E. Mohammed Lengawi	Vice‑Chairman	10,000	2	20,000
   H.E. Mohammed Abdulrahman Alhawi	Member	10,000	3	30,000
   April – December 2025
   Ms. Moaza Saeed Al Marri	Chairman	15,000	2	30,000
   Mr. Abdulla Al Madani	Vice‑Chairman	10,000	2	20,000
   Mr. Sabah Al Shamsi	Member	10,000	2	20,000
   Investment Committee:
   May ‑ December 2025
   Mr. Abdulmuhsen Ibrahim Kalbat	Chairman	15,000	3	45,000
   Mr. Faisal Belhoul	Vice‑Chairman	10,000	3	30,000
   Mr. Abdulla Al Madani	Member	10,000	3	30,000
   Mr. Ibrahim Al Haddad	Member	10,000	3	30,000

4. Details of additional allowances, salaries or fees received by a Board member, other than allowances for attending committees, and their reasons

   Board members did not receive any additional allowances, salaries or fees in 2025.

D. Number of the Board meetings held during 2025

The Board of Directors held five (5) meetings in 2025, as detailed below. The Board of Directors accepted the absences shown.

E. Number of Board resolutions passed during 2025 and meeting dates

The Board of Directors held one (1) meeting by circulation be on the following days:

• 13 August 2025

F. Board duties and powers exercised by Board members or executive management members during 2025

Notwithstanding the responsibilities and authorities vested in the Board of Directors under applicable laws and the Company’s Articles of Association, the Board has delegated to the Chief Executive Officer and Executive Management certain powers and authorities that are permissible to be delegated.

Such delegation is intended to enable the efficient and smooth day‑to‑day operation of the Company, without prejudice to the Board’s overall responsibility, accountability, and oversight.

The delegation is affected through a Delegation of Authority framework, which was amended and reviewed during the year 2025, including mid‑year and year‑end reviews, to reflect regulatory developments and the establishment of the Investment Committee. The Delegation of Authority includes a detailed authority matrix setting out financial limits, approval thresholds, time‑bound authorities, and review and escalation mechanisms, ensuring an appropriate balance between the roles of the Board and Executive Management.

G. Transaction with related parties

Pursuant to the applicable UAE Cabinet Decree, transactions with the UAE Government and its entities, including those arising from the concession agreement, are excluded from the definition of related party transactions for governance purposes. Accordingly, the Company has not entered into any related party transactions under the Governance Guide during the year, while such transactions are disclosed in the financial statements in accordance with IFRS.

H. Performance evaluation of the Board and its committees

In 2025, Salik appointed NASDAQ to conduct a performance evaluation of the Board and its committees. The findings of Nasdaq’s review were presented, and a training session was subsequently conducted for the Board and Committee members based on those results by NASDAQ. For 2026, an external independent consultant has been appointed to carry out the Board evaluation.

I. Salik organisational structure

1. Senior Executive Employees:

The table below states names, positions, joining dates, total salaries and bonuses for 2025:

External Auditor

A. An overview of the Company’s auditor

PricewaterhouseCoopers (PwC) is an international professional services brand of firms, operating as partnerships under the PwC brand. It is amongst the largest professional services networks in the world. As a community of solvers, with 7,000 people across the Middle East region, PwC brings the right combination of people, technology and expert capabilities from Strategy, through Advisory and Consulting, to Tax and Assurance Services, in order to solve the region’s most pressing challenges. PwC is the second largest professional services network in the world and is considered one of the Big Four accounting firms.

B. Selection Criteria for the External Auditor

In addition to the key responsibilities of the BAC referred to in the ‘Audit Committee’ section below, the BAC also reviews and approves the external audit scope of work, audit approach, including the evaluation, appointment or re‑appointment, terms of engagement and rotation of the auditing firm and/or the principal partner in charge of the audit.

As part of the evaluation process, the BAC assesses the External Auditor’s independence, objectivity and professional skepticism, as well as the relevant safeguards to independence implemented by the External Auditor. The selection criteria also included ensuring the capacity of the audit firm to manage the audit effectively and competently, taking into account the operations of the Company as well as ensuring independence, no conflict of interest and a strong, experienced and capable audit partner and team.

C. Fees and costs for audit or services provided by the external auditor:

D. Reservations that the auditor included in the interim and annual financial statements for 2025

No reservations or concerns were raised by the external auditor with respect to the year ended 31 December 2025.

Audit Committee

A. The Audit Committee Chairman’s acknowledgment of his responsibility for the Committee system at the Company, review of its work mechanism and for ensuring its effectiveness

Mr. Abdulla Al Madani, the Audit Committee Chairman, acknowledges his responsibility for the committee system in the Company, as well as the review of its work mechanism and for ensuring its effectiveness.

The Audit Committee performs a number of duties including supervising the propriety of the financial statements, related reports and accounting processes, audits on the financial, internal control and risk management processes and compliance with the Corporation’s Code of Conduct.

The Audit Committee also develops and implements the policy dealing with the appointing, contracting and supervision of the independence, performance and scope of the external auditor.

B. Names of Audit Committee members with competences and assigned tasks

In 2025, the Committee underwent reconstitution following the Board elections, resulting in a higher total number of members serving during the year. Nevertheless, the Committee’s composition at any point in time remained within the approved number of members.

C. Number of meetings held by the Audit Committee during 2025

Following the election of a new Board of Directors on 9 April 2025, the Committee was reconstructed. Attendance is therefore disclosed based on each member’s term of membership. The Audit Committee held six (6) meetings in 2025 and issued two (2) resolutions by circulation summarized as follows:

Below are the attendance details of audit committee members:

D. Audit Committee Activities

CMA issued amendments in January 2024 to the CMA Board’s Chairman’s Decision no.3 of 2020, which mandates that Audit Committee activities report to be included as part of Annual Report. Below is a summary of the Audit Committee Activities for FY 2025:

1. Internal Audit Activities – 2025

   The Internal Audit (IA) Section drafted the ‘Internal Audit Plan FY 2025’, which was approved by the Audit Committee. 7 audits were executed in FY 2025 aside to 5 advisory engagements.

   Throughout the year, the Internal Audit team provided periodic internal audit status updates to the Board/Audit Committee, ensuring necessary decision‑making and appropriate guidance. All Medium & High risk reports issued by the Internal Audit section, as well as their relevant action plans and timelines, were reviewed by the Audit Committee, and all action plans are actively monitored.

   The Audit Committee’s Role in the Internal Audit

   • Reviewed all internal audit observations presented by the Internal Audit team
   • Ensured appropriate management actions were undertaken to mitigate identified risks
   • Reviewed and approved a comprehensive corrective action plan, including timeline‑specific remedial measures
   • Conducted regular follow‑ups to ensure the effectiveness of the implemented action plans
   
   
2. Compliance & Ethics Learning & Development
   
   

   The Compliance Section drafted and implemented the ‘Compliance & Ethics Learning & Development Plan FY 2025’, which was approved by the Audit Committee. Multiple workshops and training sessions were conducted to raise employee awareness of:

   • Regulatory and policy requirements applicable to Salik
   • Code of Conduct policy (with employee signoffs)
   
   

   The Compliance Section plays a critical role in ensuring that Salik adheres to external regulatory requirements, internal policies, and procedures. By fostering a strong compliance and ethical culture, the company ensures:

   • Protection from regulatory violations
   • Preservation of corporate reputation
   • Enhanced customer trust and investor confidence
   
   

   This report underscores the Audit Committee’s commitment to upholding governance standards and ensuring robust financial and operational oversight.

3. Risk Management Activities – 2025
   
   
   • Amendments to Salik’s ERM (Enterprise Risk Management) Policy were reviewed and endorsed by the Audit Committee in 2025. This policy establishes a structured approach for identifying, documenting, and communicating risks
   • Salik’s Top Risks affecting its strategic goals and operations were aggregated and presented to the Board of Directors after independent endorsement by the Audit Committee, on a quarterly basis ensuring that the Board of Directors remains informed about key risks requiring their attention and direction
   • The Audit Committee maintained visibility and oversight over Salik’s Enterprise Risk Management (ERM) and Business Continuity Management (BCM) practices, ensuring robust Risk Governance
   
   
4. Financial Statements Activities – 2025
   
   

   As part of its primary obligations, the BAC reviews the Company’s Financial Results along with the External Audit Report and Key Audit and Accounting Matters highlighted by the external auditor for the year ended 31 December 2025 and the Quarterly Financial Results for 2025.

   Additionally, the BAC also communicates separately with the external audit team as part of quarterly reviews and annual audit – that is, without the presence of the Senior Management – to discuss periodic and annual reporting, audit findings, changes in accounting standards and other business.

   The BAC ensured the independence of the External Auditor and the effectiveness of the audit process by obtaining assurance from the External Auditor as part of the quarterly and annual meetings. The External Audit Fees were reviewed by the BAC, as per the annual process, and recommendations were submitted for Board approval. These will be presented to the shareholders for approval at the upcoming General Assembly Meeting.

Nomination, Remuneration and ESG Committee:

In 2025, the Committee underwent reconstitution following the Board elections, resulting in a higher total number of members serving during the year. Nevertheless, the Committee’s composition at any point in time remained within the approved number of members.

A.

During the reporting period, the Nomination, Remuneration and ESG Committee played a key role in supporting the Board in two important areas. First, the Committee supervised and oversaw the nomination and election process of the Board of Directors in connection with the election of a new Board of Directors at the Annual General Meeting held on 9 April 2025. The Committee ensured that the election process was conducted in accordance with applicable laws, regulatory requirements, and the Company’s Articles of Association, irrespective of whether certain Directors were re‑elected.

Second, the Committee continued to support the Company’s efforts to attract and retain talent and to increase Emiratization, through the development and oversight of appropriate human capital, succession planning, and remuneration frameworks.

Ms. Moaza Al Marri, Chairperson of the Nomination, Remuneration and ESG Committee, acknowledges her responsibility for the Committee system within the Company, including the review of its work mechanisms and ensuring the effectiveness of the Committee in fulfilling its assigned duties.

The Nomination, Remuneration and ESG Committee primarily oversees the independence of the Board’s independent Directors, the nomination and election process of the Board of Directors, the development and review of remuneration policies for the Board, senior management, and employees, the Company’s recruitment and succession planning needs, and the formulation of human resources policies, in addition to oversight of ESG and sustainability matters.

B. Number of meetings held by the Committee during 2025

The Committee held five (5) meetings during the year and issued one (1) resolution by circulation. Following the election of a new Board of Directors on 9 April 2025, the Committee was reconstructed. Attendance is therefore disclosed based on each member’s term of membership.

Below are the attendance details of Nomination, Remuneration and ESG Committee members:

Investment Committee:

A. In 2025, and pursuant to a Board resolution dated 13 May 2025, the Board of Directors approved the establishment of the Investment Committee as part of Salik’s strategic focus on growth and expansion. The formation of the Committee reflects the Board’s commitment to strengthening oversight of investment activities and supporting the execution of Salik’s long‑term growth strategy.

The Investment Committee was established to assist the Board in overseeing Salik’s investment strategy, evaluating strategic investment opportunities, and supporting the enhancement and expansion of the Company’s core and ancillary capabilities. The Committee operates in accordance with its Board‑approved Terms of Reference and within the authorities delegated to it by the Board.

During the reporting period, the Investment Committee convened in accordance with its Terms of Reference and held three (3) meetings, reporting its deliberations, recommendations, and decisions to the Board as appropriate.

B. Number of meetings held by the Committee during 2025

The committee held three (3) meetings during the year.

Below are the attendance details of Investment Committee members:

Committee for monitoring insider register

A. Acknowledgment by the Committee Chairperson or authorized person of his responsibility for the Committee system at the Company, review of its work mechanism, and for ensuring its effectiveness

The Board of Directors sets out the insider policy guidelines for those with access to insider information, including Board Members, employees and independent contractors. The policy strictly prohibits trading of Salik securities based on material non-public information (MNPI) and requires Salik to regularly submit to CMA and DFM an updated register of insiders who have access to sensitive company information.

In addition to the above, the policy outlines and regulates blackout and restricted trading periods. Insiders receive quarterly notifications regarding the commencement and/or conclusion of these blackout periods. Furthermore, all insiders are required to sign declaration forms in accordance with regulatory requirements.

B. The Board Secretary, in accordance with the Board approved policy, is responsible for following up on, and supervising, the transactions of insiders.

Mr. Jad Ziad Deaibes acknowledges his responsibility for the follow‑up and supervision system on transactions of insiders in the Company, reviewing its work mechanism, and ensuring its effectiveness.

C. Names of members of the Supervision and Follow‑up Committee of insider transactions, clarifying their competences and tasks assigned to them.

The Board Secretary will play the role of supervision on the Salik insider register as well as updating employees on the blackout period.

D. A summary of the committee’s work report during 2025. (Where the committee was not formed, the reasons should be given.)

Since its inception, the Company has considered all Salik employees and the Board of Directors, as well as other contractors, as insiders.

E. (In case the committee was not formed, the reasons should be explained).

As the committee establishment is not mandatory as per CMA, the Company did not form an insider committee. Insider policy and registration is monitored by the Board Secretary with the assistance of the Compliance Department at SALIK.

Any other committee(s) approved by the Board

No other Board of Directors’ committees has been approved of by the Board.

Internal Control System

Acknowledgment by the Board of Directors regarding the Company internal control system, review of its work mechanism, and for ensuring its effectiveness

The Board has the overall responsibility for ensuring effectiveness of the internal control system of Salik. The Board is responsible for setting a clear framework to ensure an effective internal control system. This allows effective and efficient operations, accurate financial reporting and compliance with laws and regulations.

Salik operates a ‘Three Lines of Defence’ model in which roles and responsibilities are clearly defined. The Three Lines model distinguishes amongst three groups (or lines) involved in effective governance, risk and compliance management systems for the control environment of the Company.

• 1st Line of Defence – functions that own and manage risks
• 2nd Line of Defence – functions that oversee risks and act in advisory role
• 3rd Line of Defence – functions that provide independent assurance

Internal Audit is an independent and objective assurance and advisory section in Salik, that is guided by a philosophy of adding value to Salik. It assists Salik in accomplishing its objectives by bringing a systematic and disciplined approach to evaluating and improving the effectiveness of Salik’s risk management, control, financial management and governance processes. The key roles and responsibilities of the Internal Audit Department are as follows:

• Review operational activities carried out by departments and divisions within Salik and determine their alignment with the Executive Management’s and Board’s instructions and Salik’s objectives, policies and procedures
• Review the reliability and integrity of financial and operating information and the means used to identify measure, classify and report such information
• Carrying out ad‑hoc appraisals, special audits and fraud investigation, upon Audit Committee/Management request.
• Review the means of safeguarding the Company’s assets and, as appropriate, verify the existence of such assets.
• Review and appraise the efficiency of resources employed by Salik.
• Provide adequate follow‑up to ensure corrective action is taken and periodically report to the Audit Committee the status of corrective actions and audit observations.
• Review and evaluate governance and risk management processes.

Salik has a Compliance section which is responsible for the following:

• Ensuring the Company’s compliance with applicable laws, regulations and internal regulations of the Company and promoting a strong compliance culture within Salik
• Developing and reviewing key Compliance policies such as the Compliance Framework (including policies, procedures and plan), Code of Conduct, Anti‑Money Laundering Policy, Whistleblowing Policy, Anti‑Bribery Corruption Policy, Related‑Party Transactions Policy and other policies to ensure compliance with applicable laws, regulations and internal policies and procedures of the Company.
• Reviewing (and advising the Board on corporate/legal issues) and ensuring that the provisions of the CMA and AoA and relevant laws are complied with.
• Report to Salik’s Board and Audit Committee on all compliance matters within its duties and responsibilities, as and when required.
• Ensure the adequacy of Salik’s availability of a whistleblowing and fraud control system to raise concerns, in confidence, about possible wrongdoings in accounting, financial reporting or other matters.

A. Name of the department director, his qualifications and date of appointment

The Internal Audit Section is represented by Mr. Mohammed Al Serkal, who was appointed on 25 November 2025. He has more than 15 years of experience in Finance & Internal Audit across both private and government entities, such as Etihad Aviation Group, Protiviti Member Firm, The Department of Community Development in Abu Dhabi, and the Supreme Legislation Committee in Dubai. He holds a bachelor’s degree in Business and Management (Financial Services) from the Higher Colleges of Technology and is a graduate of the Leadership Development Programme of Mohammed Bin Rashid School of Government. He holds certificates including Certified Internal Auditor (CIA), Certification in Risk Management Assurance (CRMA 2.0), ACCA Diploma in Accounting and Business, and Certified Fraud Examiner (CFE).

B. Name of compliance officer, his qualifications and date of appointment

As of Q4 2025, the Internal Audit and Compliance functions have been separated in alignment with the CMA Governance Guide. At the present, as temporary arrangement the compliance functions are being overseen by an Internal Committee comprising the Chief Legal Counsel, the Board Secretary and the Senior Manager — Enterprise Risk Management.

C. How the Internal Control Department dealt with any major problems at the Company or those that were disclosed in annual reports and accounts. In the absence of major problems, it must be mentioned that the Company did not face any problems.

The company did not face any problems in FY 2025.

D. Number of reports issued by the Internal Control Department to the Company’s Board of Directors

The Internal Control Department provided quarterly internal audit status update reports to the Board of Directors/Audit Committee, in line with CMA mandate and successfully executed the approved Internal Audit Plan FY 2025.

Details of violations committed during 2025, explaining their causes, how to address them, and how to avoid their recurrence in the future

The Company did not commit any violations of the Governance Guide during 2025.

Corporate Social Responsibility and Environmental Protection

In 2025, Salik Company PJSC continued to strengthen its corporate social responsibility (CSR) impact by deepening its commitment to social inclusion and community support across the UAE.

A key highlight was Salik’s strategic partnership with the Community Development Authority of Dubai, through which the company funded a variety of programmes and projects aimed at empowering People of Determination, enhancing their quality of life and fostering greater societal integration as part of the UAE Year of Community.

Additionally, Salik maintained its longstanding CSR practice of providing toll exemptions for vehicles used by charities, schools, ambulances, and People of Determination, which helped increase the number of zero charge trips as well as support public services.

Beyond social inclusion, the company continued to embed sustainability into its operations by advancing initiatives like expanding solar‑powered toll gates and aligning environmental goals under Dubai’s sustainability agenda.

Through these efforts in 2025, Salik demonstrated a holistic approach to CSR that balances community well‑being with sustainable and inclusive mobility.

General Information

A. The company’s share price (highest, lowest, and closing prices in ↑) at the end of each month during the fiscal year 2025:

Trading of Salik shares on the Dubai Financial Market started on 29 September 2022.

B. The company’s comparative performance with the general market index and sector index during 2025:

C. Shareholder ownership distribution at 31 December 2025 (individuals, companies, government), classified as follows – local, Arab and foreign:

D. Shareholders holding 5% or more of the Company’s capital as at 31 December 2025:

E. Shareholder distribution by the size of ownership as of 31 December 2025:

F. Investor relations

Salik established its Investor Relations function as part of the Finance, Strategy, and Procurement department in July 2022 in preparation for the Company’s initial public offering in September.

Salik holds quarterly conference calls and publishes earnings releases, and presentations and other materials to provide updates on its financial and operational performance and outlook to the investment community, including shareholders, potential investors, and analysts. Salik also participates in off‑cycle investor events and regular meetings with the investment community.

Salik strives to resolve investor queries, including those raised by retail investors, within one business day.

Investor Relations is headed by Mr. Wassim El Hayek, who has over 22 years of corporate executive experience in investment banking, audit, telecom, transportation and ICT. Since February 2024, he joined Salik as the head of Investor Relations, strengthening shareholder engagement and corporate transparency.

H. Board Secretary

Mr. Jad Deaibes was appointed as Board Secretary of Salik PJSC in 2024, pursuant to and confirmed by a resolution of the Board of Directors.

Mr. Deaibes has over 12 years of professional experience in the legal and governance field. He is a qualified legal consultant and has held several senior roles throughout his career, including Associate, Senior Consultant, Legal Director, and Board Secretary of a listed company. He is a registered lawyer with the Beirut Bar Association and has undergone continuous professional training on an annual basis, including training relating to compliance with the regulations and requirements of the Capital Markets Authority (CMA). His experience and qualifications support the effective discharge of his duties in accordance with applicable laws, regulations, and best corporate governance practices.

Appointment Date:

• 20 May 2024

Qualifications

• Bachelor’s degree in Law from Universite la Sagesse
• Certified Board Secretary by Hawkamah
• Litigator from Beirut Bar Association 2014

J. Special decisions presented in the General Assembly during 2025 and the procedures taken in their regard

There were no special resolutions issued during the General Assembly meeting of 9th of April 2025.

1. Major events experienced by the Company in 2025

   1. Salik Investment Grade Credit Rating of “A3” reaffirmed by Moody’s Ratings with stable outlook rating – December 2025.
   2. Salik collaborated with Schneider Electric and Vcharge to power a next‑generation electric vehicle (EV) charging network, reinforcing its commitment to smart mobility and sustainability – November 2025.
   3. Salik’s investment‑grade credit rating was upgraded from ‘A‑‘ to ‘A’ by Fitch Ratings, reflecting the Company’s strong financial performance and stable outlook – November 2025.
   4. Salik was added to the MSCI UAE Index, broadening access to global institutional investors and enhancing market visibility – May 2025.
   5. The Board of Directors of Salik established and formed the Investment Committee, reinforcing the Company’s strategic ambition for disciplined expansion and long‑term growth – May 2025.
   6. Salik and ENOC signed a Memorandum of Understanding (MoU) to introduce smart, seamless payment solutions at ENOC service stations, supporting integrated mobility solutions – May 2025.
   7. The newly elected Board of Directors of Salik appointed H.E. Mattar Al Tayer as Chairman of the Board for a second term – April 2025.
   8. The Annual General Assembly of Salik elected a new Board of Directors for the Company – April 2025.
   9. Salik announced the opening of nominations for the election of the Board of Directors, comprising seven (7) seats – March 2025.
   10. Salik announced 31 January 2025 as the effective date for the implementation of the variable pricing mechanism across its toll gates — January 2025.

2. Important Disclosures

   1. Dividend Distribution – Annual General Assembly (April 2025)

      In April 2025, Salik disclosed the resolution of its Annual General Assembly approving the distribution of cash dividends in respect of the second half of the financial year ended 31 December 2024, amounting to ↨ 619,836,000, equivalent to 8.2645 fils per share, as approved by the shareholders and disclosed to the Dubai Financial Market.

   2. Dividend Distribution – Board of Directors (August 2025)

      In August 2025, Salik disclosed that the Board of Directors had approved the distribution of 100% of the distributable net profit for the first half of 2025, amounting to 10.2781 fils per share, with an aggregate cash dividend of ↨ 770,857,500, reflecting the Company’s strong financial performance and disciplined capital allocation approach.

      • Aggregate Dividends Disclosed During 2025
      
      

      The total cash dividends released by Salik during 2025 amounted to ← 1,390,693,500, combining dividends approved by the Annual General Assembly and those approved by the Board of Directors.

K. No transactions amounting to 5% of the capital or more have been made

L. The Company’s Emiratisation rate:

M. No innovative projects or initiatives have been developed by the Company during 2025

Signature H.E. the Chairman of the Board	Signature of Audit Committee Chairman	Signature Nomination and Remuneration Committee Chairman	Signature Head of Internal Audit Department
Date: 04 March 2026	Date: 04 March 2026	Date: 04 March 2026	Date: 04 March 2026

Company Official Seal