Title: Announcement regarding issuance of Disciplinary Board Resolution No. (61/2024 Disciplinary Board) (54 /2024 Authority) and imposition of a fine and a warning against:1- ALAFCO Aviation Lease and Finance Company 2- Board Chairman 3- Board Chairman (Formerly) for violating the rules of Disclosure and Transparency and Corporate Governance

Announcement regarding issuance of Disciplinary Board Resolution No. (61/2024 Disciplinary Board) (54 /2024 Authority) and imposition of a fine and a warning against:1- ALAFCO Aviation Lease and Finance Company 2- Board Chairman 3- Board Chairman (Formerly) for violating the rules of Disclosure and Transparency and Corporate Governance

For the following reasons:
First: ALAFCO Aviation Lease and Finance Company violated the following:
The provision of Article (4-2-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, the Company delayed disclosing a material information which is signing the termination contract of ALAFCO order registry with a company on 14/11/2023. Although this information was supposed to be disclosed on the same date, the disclosure was made on 19/11/2023 at 01:29 PM, which means that the Company was late for two business days.

Second: Board Chairman:
Violated the provisions of Articles (2-5) Item 6 and (3-8) of Module Fifteen (Corporate Governance).
This is due to the failure of providing the Board of Directors with the agenda at least three business days before holding some Board meetings.

Third: Board Chairman (Formerly):
Violated the provisions of Articles (2-5) Item 6 and (3-8) of Module Fifteen (Corporate Governance).
For providing the Board of Directors with the agenda for some of its Board of Directors meetings within a period of less than three business days.

The Resolution included the infliction of the following penalty: -
“First: Levying a fine against ALAFCO Aviation Lease and Finance Company in the amount of KWD 1,000 (one thousand Dinars) for the attributed violation.

Second: Levying a warning on each of the following:
1- Board Chairman of the Company
2- The former Board Chairman of the Company for the violation related to Articles (2-5/6, 3-8 of Corporate Governance Rules) attributed to them with consideration that they do not repeat it in the future.”

In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these rules in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.