GWC Announces the Formation of New Subsidiary Companies and the Renaming of One of Its Existing Subsidiaries

Gulf Warehousing Company Q.P.S.C. (GWC), hereby discloses the following developments within the Group:

1. Establishment of GWC Express Trading LLC – United Arab Emirates;

2. Establishment of GWC Biosafe for Hazardous Transportation WLL – State of Qatar;

3. Change of the name of Prime Inspection Services to GWC Busulba Logistics Services WLL – State of Qatar;

4. Establishment of GWC Energy Logistics LLC – Sharjah Branch 1 – United Arab Emirates.

These steps come within the framework of the Group's strategy to expand its operations and diversify its logistics services across the region. There is no material impact expected on the Company's financial statements as a result of the above.