Rabigh Refining & Petrochemical Company (Petro Rabigh) 2020 Board of Directors’ Report Contents of 2020 Board of Directors’ Report Page 1. Implemented and non-implemented provisions of CMA’s Corporate 4 Governance Regulations, and justifications therefore 2. Names, qualifications, and experience of the Board and Committees Members 4 and Executive Management 3. Names of the companies inside and outside the Kingdom in which a Board 7 member is a member of their current or previous Board member or manager 4. Composition of the Board and classification of its members, as follows: 9 Executive Director, Non-Executive Director, or Independent Director 5. Procedure taken by the Board to inform its members, Non-Executive Directors in particular, of the shareholders' suggestions and remarks on the Company 9 and its performance 6. A brief description of the competencies and duties of the committees, such as the audit committee, the nomination committee and the remuneration committee indicating their names, names of their chairmen, names of their 9 members, the number of their respective meetings, dates of those meetings and the members' attendance details of each meeting 7. The means used by the Board to assess its performance, the performance of its committees and members and the external body which conducted the 12 assessment and its relation with the Company 8. Remuneration of the Board members and Executive Management 12 9. Punishment, penalty, precautionary procedure or preventive measure imposed on the Company by the Capital Market Authority or any other supervisory, regulatory or judiciary authority, describing the reasons for non-compliance, the 16 imposing authority and the measures undertaken to remedy and avoid such non-compliance in the future 10. Results of the annual review of the effectiveness of the internal control procedures and practices of the Company and the opinion of the audit 16 committee with respect to the adequacy of the Company's internal control system 11. The audit committee’s recommendation on the need for appointing an internal 16 auditor for the Company, if there is no internal auditor 1 Sensitivity: This content has been classified as Petro Rabigh: General Use 12. The audit committee’s recommendation with conflict with Board resolution or those which the Board disregards relating to the appointment, dismissal, 16 assessment or determining the remuneration of an external auditor, as well as justifications for those recommendations and reasons for disregarding them 13. Company's Social Contributions 1 6 14. Dates of the General Assembly meetings held during the last fiscal year and 17 the names of the Board members who attended them 15. Main scope of business of the Company 17 16. Company's significant plans and decisions (including changes to the structure, expanding the Company's operations or halting them) and the future 18 expectations 17. Risks facing the Company (operational, financial or market related) and the 18 policy of managing and monitoring these risks 18. Assets, Liabilities and Results of Business for the Last Five Years or since the 22 incorporation date, whichever is shorter 19. Geographical analysis of the Company's revenues 23 20. Material differences in the operational results compared to the preceding year's 25 results, along with any expectations announced by the Company 21. Inconsistency with the standards approved by the Saudi Organization for 25 Certified Public Accountants 22. Name of each affiliate Company, its capital, the Company's ownership percentage, the main scope of business, country of operation and country of 25 incorporation 23. Shares and debt instruments issued for each affiliate Company 26 24. Dividends distribution policy 26 25. Interest in a class of voting shares held by persons (other than the Company’s directors, Senior Executives and their relatives) who have notified the Company 26 of their holdings, together with any change to such interests during the last fiscal year 26. Interest, contractual securities or rights issue of the Board Members, Senior Executives and their relatives on shares or debt instruments of the Company, 26 and any change on these interest or rights during the last fiscal year 27. Loans (payable upon request or not), a statement of the total indebtedness of the Company, any amounts paid by the Company in repayments of loans during 28 the year, the amount of the principal debts, the creditor name, the loan term and remaining amount 2 Sensitivity: This content has been classified as Petro Rabigh: General Use 28. Convertible debt instruments, contractual securities, preemptive right or similar rights issued or granted by the Company during the fiscal year, as well as 30 stating any compensation obtained by the Company in this regard 29. Conversion or subscription rights under any convertible debt instruments, contractually based securities, warrants or similar rights issued or granted by 30 the Company 30. Redemption, purchase or cancellation by the Company of any redeemable debt 30 instruments and the value of such securities outstanding 31. The number of Board meetings held during the last financial year, their dates 30 and the attendance record of each meeting listing the names of the attendees 32. Numbers of Company's requests of shareholders records, dates and reasons 31 thereof 33. Transactions between the Company and any Related Party 31 34. Businesses or contracts to which the Company is a party and in which a director of the Company, a Senior Executive or any person related to any of them is or 36 was interested, including the names of persons in relation, the nature, conditions, durations and the amount of the businesses or contracts 35. Arrangements or agreements under which a Director or a Senior Executive of 36 the Company has waived any remuneration 36. Arrangements or agreements under which a shareholder of the Company has 36 waived any rights to dividends 37. Paid and outstanding statutory payment on account of any zakat, taxes, fees or any other charges that have not been paid until the end of the annual financial 37 period with a brief description and the reasons therefore 38. Investments made or any reserves set up for the benefit of the employees of 37 the Company 39. Declarations of the Board of Directors 39 40. If the external auditor's report contains reservations on the annual financial statements, the Board report shall highlight this mentioning the reasons and 39 any relevant information 41. If the Board recommended replacing the external auditor before the end of its term, the report shall indicate this mentioning the reasons for the replacement 39 recommendation 42. Treasury shares held by the Company and details of the uses of such shares 39 3 Sensitivity: This content has been classified as Petro Rabigh: General Use 1. Implemented and non-implemented provisions of CMA’s Corporate Governance Regulations, and justifications therefore Petro Rabigh implements all the provisions of the Corporate Governance Regulations issued by the Capital Market Authority. 2. Names, qualifications, and experience of the Board and Committees members and Executive Management Board Members: Current Previous Name Qualifications Experience position position - BS Mechanical Engineering Ibrahim Q. Al- Chairman - MBA Global (Non- - Management 31 years Buainain Executive) - Master Degree - Innovation & Global Leadership Chairman - BSc Petroleum Abdulaziz M. Al- Chairman (Non- (Non- Engineering 37 years Gudaimi Executive) Executive) - MBA Deputy Deputy Chairman Chairman Noriaki Takeshita (Non- BSc Law 38 years (Non-Executive Executive Director) Director) President & President & - BS Chemistry Nasser D. Al- CEO CEO - MSc Chemical 30 years Mahasher (Executive (Executive Engineering Director) Director) - Executive MBA - BSc Chemical Executive Executive Seiji Takeuchi Engineering; 34 years Director Director - MSc Applied Chemistry Non- Non-Executive - Bachelor of Liberal Arts; Takashi Shigemori Executive 35 years Director - MBA Director Non- - BSc Chemical Non-Executive Suleman A. Al-Bargan Executive Engineering; 39 years Director Director - MBA Independent Independent Saud A. Al-Ashgar BSc Chemical Engineering 40 years Director Director Independent Independent Saleh F. Al-Nazha BSc Chemical Engineering 37 years Director Director - BSc Civil Engineering, Mohammed A. Al- Independent Independent - Executive Management 35 years Omair Director Director Program 1 Ibrahim Q. Al-Buainain was appointed as Chairman of the Board of Directors effective February 1, 2020 replacing Abdulaziz M. Al-Gudaimi who has resigned from the Board of Petro Rabigh, where his membership ended on January 31, 2020. 2 Nasser D. Al-Mahasher has resigned from the Board and as President and CEO of Petro Rabigh and Othman A. Al-Ghamdi was appointed as the Board of Director and President and CEO effective January 1, 2021. 4 Sensitivity: This content has been classified as Petro Rabigh: General Use Committees Members: Current Previous Experience Name Qualifications position position - BS Mechanical Engineering Ibrahim Q. Al- Chairman of Chairman of - MBA Global Buainain Executive Executive Management 31 years Committee Committee - Master Degree - Innovation & Global Leadership Abdulaziz M. Al- Chairman of Chairman of - BSc Petroleum Gudaimi Executive Executive Engineering 37 years Committee Committee - MBA Member of Member of Audit Noriaki Takeshita Audit BSc Law 38 years Committee Committee - BS Chemistry Member of Member of the Nasser D. Al- - MSc Chemical Marketing