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JARIR MARKETING COMPANY (A Saudi Joint Stock Company) CONSOLIDATED FINANCIAL STATEMENTS for the YEAR ENDED DECEMBER 31, 2020 and INDEPENDENT AUDITOR’S REPORT

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JARIR MARKETING COMPANY (A Saudi Joint Stock Company) CONSOLIDATED FINANCIAL STATEMENTS for the YEAR ENDED DECEMBER 31, 2020 and INDEPENDENT AUDITOR’S REPORT JARIR MARKETING COMPANY (A Saudi Joint Stock Company) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 AND INDEPENDENT AUDITOR’S REPORT JARIR MARKETING COMPANY (A Saudi Joint Stock Company) Consolidated Financial Statements For the Year Ended December 31, 2020 Page Independent auditor’s report 1 - 4 Consolidated statement of financial position 5 Consolidated statement of income 6 Consolidated statement of comprehensive income 7 Consolidated statement of changes in shareholders’ equity 8 Consolidated statement of cash flows 9 Notes to the consolidated financial statements 10 - 50 Independent auditor’s report to the shareholders of Jarir Marketing Company (A Saudi Joint Stock Company) Report on the audit of the consolidated financial statements Our opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Jarir Marketing Company (the "Company") and its subsidiaries (together the "Group") as at December 31, 2020, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards, that are endorsed in the Kingdom of Saudi Arabia, and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants (SOCPA). What we have audited The Group’s consolidated financial statements comprise: • the consolidated statement of financial position as at December 31, 2020; • the consolidated statement of income for the year then ended; • the consolidated statement of comprehensive income for the year then ended; • the consolidated statement of changes in shareholders’ equity for the year then ended; • the consolidated statement of cash flows for the year then ended; and • the notes to the consolidated financial statements, which include significant accounting policies and other explanatory information. Basis for opinion We conducted our audit in accordance with International Standards on Auditing, that are endorsed in the Kingdom of Saudi Arabia. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the code of professional conduct and ethics, endorsed in the Kingdom of Saudi Arabia that are relevant to our audit of the consolidated financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements. Our audit approach Overview Key Audit Matters • Carrying amounts of non-financial assets As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the consolidated financial statements. In particular, we considered where management made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud. We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates. PricewaterhouseCoopers, License No. 25, Kingdom Tower, P.O. Box 8282, Riyadh 11482, Kingdom of Saudi Arabia T: +966 (11) 211-0400, F: +966 (11) 211-0401, www.pwc.com/middle-east Independent auditor’s report to the shareholders of Jarir Marketing Company (A Saudi Joint Stock Company) – (continued) Key audit matter Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter How our audit addressed the key audit matter Carrying amounts of non-financial assets We performed the following procedures: As at December 31, 2020, the carrying amount of ● Obtained an understanding of the design and non-financial assets of the Group amounted to Saudi implementation of key controls over the Riyals 2.13 billion. process of impairment indicator identification. Management performs a formal assessment at each ● Evaluated the reasonableness of reporting period-end to consider whether there is management's assessment. This included: any indication that the non-financial assets may be impaired. ○ testing the input data used in the assessment to the relevant supporting In assessing whether there is any indication that an documentation; asset may be impaired, management considers both external and internal sources of information (e.g. ○ understanding procedures used in the significant decline in assets value, adverse effect on assessment of any indication that the non- the Group in the technological, market, economic or financial assets may be impaired; and legal environment, increase in the market rates of return, decline in market capitalization, obsolescence ○ Checking the mathematical accuracy of or physical damage of an asset etc.). the data used in the assessment. An assessment was made by the management. As a ● Assessed the adequacy and appropriateness of result of the exercise, no indicators of impairment the related disclosures in the accompanying were identified by the management. financial statements. We considered this to be a key audit matter given the current situation and management judgment involved in identifying impairment triggers. Refer to Note 2, Note 7, Note 8 and Note 9 to the consolidated financial statements for further information. Other information Management is responsible for the other information. The other information comprises the information included in the Annual Report of the Group (but does not include the consolidated financial statements and our auditor's report thereon), which is expected to be made available to us after the date of this auditor's report. Our opinion on the consolidated financial statements does not cover the other information and we will not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. When we read the annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance. 2 Independent auditor’s report to the shareholders of Jarir Marketing Company (A Saudi Joint Stock Company) – (continued) Responsibilities of management and those charged with governance for the consolidated financial statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards, that are endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by SOCPA, and the applicable requirements of the Regulations for Companies and the Company's By-laws, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The Board of directors is responsible for overseeing the Group's financial reporting process. Auditor’s responsibilities for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing, that are endorsed in the Kingdom of Saudi Arabia, will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with International Standards on Auditing, that are endorsed in the Kingdom of Saudi Arabia, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess
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