المادة 16(c): Instruction on the Attachment of Investment Accounts and Removing the Attachment of

c. Disclosing the Investment Account information and Investment Portfolios, Blocking it, and Liquidating it Upon the Client's Being Deceased

1) If the capital market institution is officially notified or becomes aware that the client is deceased, the capital market institution must block all of the client`s investment accounts and Investment Portfolios associated therewith without delay. ماع - Public

2) When any person requests to be provided with information of the investment accounts and Investment Portfolios associated therewith of the deceased client, the capital market institution must provide him in writing with detailed and clear information of the Investment Accounts and Investment Portfolios associated therewith of the deceased client after verifying the identity of that person and ensuring that he is one of the heirs or attorney-in-fact of one of them. The capital market institution must also obtain and verify the Identification Document information of that person, information of the power of attorney if that person was an attorney-in-fact of the heirs or one of them, information of the document establishing death of the deceased client, information of the determination of heirs.

3) The capital market institution, after freezing the investment account of the deceased client, must not carry out any transactions from such account except for liquidating the investment account for the benefit of the heirs.

4) The capital market institution must not liquidate the investment account and Investment Portfolios associated therewith for the benefit of the heirs until obtaining information of the document establishing death, information of the determination of heirs, information of, the guardianship deed for the minor heirs (if there is minor heirs) and power of attorney (if any) and verify them. The capital market institution must also obtain and verify information of the Identification Document of the guardian, attorney-in-fact, and heirs who have no guardian or attorney-in-fact, and if there is a judicial deed for the distribution of the inheritance issued by the competent court, the capital market institution must obtain information of the deed and verify it.

5) If the heirs of the deceased client are non-resident foreigners, the capital market institution must not liquidate the investment accounts and Investment Portfolios associated therewith of the deceased client until the requirements aforementioned in sub-paragraph (4) are fulfilled, and ensure, if the documents were issued outside the Kingdom, that the documents bear “APOSTILLE” certificate or they are authenticated by the Saudi Embassy or Consulate at the issuing country and the Ministry of Foreign Affairs in the Kingdom.

6) After the investment account of the deceased client and all investment portfolios linked to it are liquidated, the capital market institution must close the investments portfolios linked to the investment account and the client account opened by the capital market institution, then close the client's investment account.

7) After the capital market institution completes, upon the Authority's instructions, the liquidation of the investment account of the deceased client and all of the investment portfolio linked to it, the capital market institution must notify the Authority, immediately, if he receives any dividends or bonus shares belonging to that client. ماع - Public Part 5 Publication and Entry into Force